Greenwood Capital Associates LLC Has $252,000 Stock Position in SouthState Co. (NASDAQ:SSB)

Greenwood Capital Associates LLC reduced its stake in SouthState Co. (NASDAQ:SSB) by 13.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,530 shares of the bank’s stock after selling 408 shares during the period. Greenwood Capital Associates LLC’s holdings in SouthState were worth $252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of SSB. Caprock Group LLC lifted its stake in SouthState by 5.8% during the fourth quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock worth $255,000 after purchasing an additional 140 shares during the last quarter. Perigon Wealth Management LLC acquired a new stake in SouthState during the 4th quarter worth approximately $233,000. Pacer Advisors Inc. grew its stake in shares of SouthState by 1.9% in the fourth quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock worth $1,131,000 after purchasing an additional 207 shares during the last quarter. KBC Group NV grew its position in shares of SouthState by 35.3% in the 4th quarter. KBC Group NV now owns 3,106 shares of the bank’s stock valued at $309,000 after buying an additional 810 shares during the last quarter. Finally, Blue Trust Inc. increased its position in SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after purchasing an additional 167 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SSB. Truist Financial decreased their price target on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Stephens reiterated an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research note on Friday, January 24th. Finally, Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $115.44.

SouthState Price Performance

Shares of NASDAQ SSB opened at $105.18 on Wednesday. The stock has a fifty day moving average of $103.03 and a 200-day moving average of $99.41. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. The stock has a market cap of $8.02 billion, a PE ratio of 15.11 and a beta of 0.70. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, February 7th will be issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date of this dividend is Friday, February 7th. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction on 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 in the company, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.70% of the stock is currently owned by company 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.