Allspring Global Investments Holdings LLC Sells 7,374 Shares of SouthState Co. (NASDAQ:SSB)

Allspring Global Investments Holdings LLC decreased its position in SouthState Co. (NASDAQ:SSB) by 0.7% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,041,243 shares of the bank’s stock after selling 7,374 shares during the period. Allspring Global Investments Holdings LLC owned approximately 1.36% of SouthState worth $101,001,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SSB. Louisiana State Employees Retirement System lifted its stake in shares of SouthState by 0.5% in the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock worth $2,109,000 after buying an additional 100 shares in the last quarter. Stonebridge Financial Group LLC purchased a new position in SouthState in the 4th quarter worth approximately $137,000. Empowered Funds LLC bought a new position in SouthState in the 4th quarter valued at approximately $3,769,000. Caprock Group LLC boosted its stake in SouthState by 5.8% during the 4th quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock valued at $255,000 after purchasing an additional 140 shares during the last quarter. Finally, Perigon Wealth Management LLC bought a new stake in shares of SouthState in the 4th quarter worth $233,000. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $103.20 on Thursday. 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 Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The firm has a market capitalization of $7.87 billion, a price-to-earnings ratio of 14.83 and a beta of 0.70. The firm has a 50 day moving average of $102.48 and a 200 day moving average of $99.85.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be paid a $0.54 dividend. The ex-dividend date is Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.09%. SouthState’s dividend payout ratio (DPR) is 31.03%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on SSB. Truist Financial lowered their price target on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. UBS Group started coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Citigroup upgraded 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 research note on Monday, January 27th. Stephens reissued an “overweight” rating and set a $130.00 price objective on shares of SouthState in a report on Friday, January 24th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $115.44.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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.