SouthState Co. (NASDAQ:SSB) Director Janet P. Froetscher Buys 2,717 Shares

SouthState Co. (NASDAQ:SSB) Director Janet P. Froetscher bought 2,717 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $92.02 per share, with a total value of $250,018.34. Following the transaction, the director now 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 filing with the Securities & Exchange Commission, which is available through this link.

SouthState Trading Up 0.4 %

SSB traded up $0.33 during mid-day trading on Tuesday, hitting $90.77. The stock had a trading volume of 705,946 shares, compared to its average volume of 543,712. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of 13.04 and a beta of 0.68. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s fifty day simple moving average is $100.31 and its 200-day simple moving average is $100.85.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.38%. SouthState’s payout ratio is 31.03%.

Institutional Investors Weigh In On SouthState

A number of hedge funds have recently modified their holdings of SSB. Quadrant Capital Group LLC lifted its stake in SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after buying an additional 99 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of SouthState by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock worth $2,109,000 after acquiring an additional 100 shares during the period. Commonwealth Equity Services LLC lifted its position in SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock valued at $949,000 after acquiring an additional 112 shares in the last quarter. Bragg Financial Advisors Inc boosted its stake in SouthState by 4.3% in the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock worth $276,000 after purchasing an additional 115 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock worth $231,000 after purchasing an additional 126 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the subject of a number of research reports. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. 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 report on Monday, January 27th. UBS Group initiated coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective on the stock. Finally, Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of SouthState in a report on Friday. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, SouthState has a consensus rating of “Moderate Buy” and an average price target of $115.44.

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.