Oppenheimer Asset Management Inc. Raises Holdings in SouthState Co. (NASDAQ:SSB)

Oppenheimer Asset Management Inc. boosted its holdings in shares of SouthState Co. (NASDAQ:SSB) by 0.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,635 shares of the bank’s stock after buying an additional 141 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in SouthState were worth $2,252,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. BIP Wealth LLC increased its holdings in SouthState by 605.2% during the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock valued at $3,054,000 after buying an additional 26,966 shares during the period. Stifel Financial Corp grew its holdings in SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after purchasing an additional 6,062 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in SouthState by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after purchasing an additional 9,863 shares during the last quarter. Fisher Asset Management LLC grew its holdings in SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after purchasing an additional 25,495 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in SouthState in the fourth quarter worth $1,008,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on SSB shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Stephens reaffirmed an “overweight” rating and issued a $130.00 price target on shares of SouthState in a report on Friday, January 24th. UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Finally, Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $115.44.

Insider Activity at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.26% of the stock is currently owned by insiders.

SouthState Trading Up 1.5 %

NASDAQ:SSB opened at $100.73 on Monday. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26. The firm has a fifty day simple moving average of $101.13 and a 200-day simple moving average of $100.64. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $10.21 billion, a P/E ratio of 14.47 and a beta of 0.70.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.14%. SouthState’s dividend payout ratio is presently 31.03%.

SouthState Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It offers checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits, as well as bond accounting, asset/liability consulting related activities, and other clearing and corporate checking account services.