Swiss National Bank Raises Stock Holdings in SouthState Co. (NASDAQ:SSB)

Swiss National Bank lifted its holdings in SouthState Co. (NASDAQ:SSB) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 149,937 shares of the bank’s stock after purchasing an additional 1,100 shares during the quarter. Swiss National Bank owned 0.20% of SouthState worth $14,916,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Stifel Financial Corp grew its stake in shares of 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 buying an additional 6,062 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of SouthState by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock valued at $39,736,000 after acquiring an additional 9,863 shares during the last quarter. Fisher Asset Management LLC grew its position in SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after acquiring an additional 25,495 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in SouthState during the fourth quarter worth approximately $1,008,000. Finally, HighTower Advisors LLC raised its position in SouthState by 7.6% during the third 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 during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Up 2.1 %

Shares of SSB opened at $94.54 on Thursday. The firm has a fifty day moving average price of $99.49 and a 200-day moving average price of $100.60. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $9.58 billion, a P/E ratio of 13.58 and a beta of 0.68. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27.

SouthState Announces Dividend

The business 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 2.28%. SouthState’s dividend payout ratio is currently 31.03%.

Analyst Ratings Changes

Several research firms have recently weighed in on SSB. UBS Group initiated coverage on SouthState in a research report 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 boosted their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Stephens restated an “overweight” rating and issued a $130.00 target price on shares of SouthState in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.44.

Insider Transactions at SouthState

In other news, Director G Stacy Smith bought 3,100 shares of the stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now owns 36,779 shares of the company’s stock, valued at $3,442,514.40. This represents a 9.20 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Janet P. Froetscher purchased 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 purchase, the director now owns 4,689 shares of the company’s stock, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.26% of the company’s stock.

SouthState 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.