SouthState Co. (NASDAQ:SSB) Shares Purchased by SouthState Corp

SouthState Corp boosted its stake in SouthState Co. (NASDAQ:SSB) by 2.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 43,859 shares of the bank’s stock after acquiring an additional 994 shares during the quarter. SouthState Corp owned 0.06% of SouthState worth $4,363,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in SSB. Blue Trust Inc. grew its stake in SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after acquiring an additional 167 shares during the period. Stonebridge Financial Group LLC purchased a new position in SouthState in the 4th quarter valued at $137,000. Avior Wealth Management LLC lifted its holdings in SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after purchasing an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division lifted its holdings in SouthState by 15.7% in the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after purchasing an additional 250 shares in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in SouthState in the 3rd quarter valued at $207,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the topic of a number of research reports. UBS Group initiated coverage on SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective on the stock. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the company from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Stephens restated an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $115.44.

SouthState Stock Up 2.4 %

Shares of SSB opened at $91.57 on Monday. The firm has a market cap of $9.28 billion, a P/E ratio of 13.16 and a beta of 0.68. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company’s 50-day moving average price is $99.68 and its 200 day moving average price is $100.70. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.36%. SouthState’s dividend payout ratio (DPR) is currently 31.03%.

Insider Activity at SouthState

In other SouthState news, CAO Sara Arana sold 1,991 shares of SouthState stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares of the company’s stock, valued at $482,433.86. The trade was a 29.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by insiders.

SouthState Company 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.