CIBC Private Wealth Group LLC Has $4.49 Million Holdings in SouthState Co. (NASDAQ:SSB)

CIBC Private Wealth Group LLC grew its position in SouthState Co. (NASDAQ:SSB) by 2.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 46,709 shares of the bank’s stock after purchasing an additional 987 shares during the quarter. CIBC Private Wealth Group LLC owned about 0.06% of SouthState worth $4,491,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in SSB. Geode Capital Management LLC grew its holdings in SouthState by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock valued at $176,931,000 after buying an additional 31,340 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of SouthState by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank’s stock valued at $103,448,000 after acquiring an additional 52,042 shares in the last quarter. Fisher Asset Management LLC increased its position in SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank’s stock worth $84,703,000 after acquiring an additional 139,602 shares during the period. Bank of New York Mellon Corp raised its stake in SouthState by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank’s stock worth $83,812,000 after purchasing an additional 37,796 shares in the last quarter. Finally, Norges Bank bought a new stake in SouthState in the 4th quarter valued at about $67,260,000. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

NASDAQ:SSB opened at $92.36 on Wednesday. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock’s 50-day simple moving average is $98.74 and its 200 day simple moving average is $100.58. The firm has a market capitalization of $9.36 billion, a PE ratio of 13.27 and a beta of 0.68.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

Insider Buying and Selling

In other news, Director G Stacy Smith acquired 3,100 shares of SouthState stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Janet P. Froetscher bought 2,717 shares of the company’s stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the transaction, the director now directly owns 4,689 shares of the company’s stock, valued at approximately $431,481.78. The trade was a 137.78 % increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on SSB shares. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and raised their target price for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Barclays initiated coverage on SouthState in a report on Tuesday. They issued an “overweight” rating and a $120.00 price objective for the company. UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Finally, Stephens restated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.90.

About SouthState

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.