KLP Kapitalforvaltning AS Buys Shares of 15,480 SouthState Co. (NASDAQ:SSB)

KLP Kapitalforvaltning AS purchased a new position in SouthState Co. (NASDAQ:SSB) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 15,480 shares of the bank’s stock, valued at approximately $1,540,000.

Other hedge funds also recently bought and sold shares of the company. Stifel Financial Corp grew its stake in SouthState by 10.5% in the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after acquiring an additional 6,062 shares in the last quarter. JPMorgan Chase & Co. grew its stake 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 in the last quarter. FNY Investment Advisers LLC purchased a new position in SouthState during the 4th quarter worth $1,008,000. HighTower Advisors LLC raised its position in SouthState by 7.6% during the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after purchasing an additional 787 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of SouthState in the 3rd quarter worth $265,000. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling at SouthState

In other SouthState news, Director Janet P. Froetscher acquired 2,717 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the purchase, the director now directly owns 4,689 shares of the company’s stock, valued at $431,481.78. The trade was a 137.78 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $707,241.99. Following the completion of the sale, 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 disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on SSB shares. UBS Group initiated coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Stephens reissued an “overweight” rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Finally, Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and upped their price target for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, SouthState 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 $92.32 on Friday. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market cap of $9.36 billion, a PE ratio of 13.26 and a beta of 0.68. The business has a 50-day simple moving average of $99.06 and a two-hundred day simple moving average of $100.48.

SouthState Dividend Announcement

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

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.