Greenwood Capital Associates LLC Sells 408 Shares of SouthState Co. (NASDAQ:SSB)

Greenwood Capital Associates LLC lowered its stake in SouthState Co. (NASDAQ:SSB) by 13.9% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,530 shares of the bank’s stock after selling 408 shares during the quarter. Greenwood Capital Associates LLC’s holdings in SouthState were worth $252,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Assenagon Asset Management S.A. bought a new position in SouthState during the 4th quarter valued at approximately $21,498,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of SouthState by 64.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock valued at $25,809,000 after acquiring an additional 103,756 shares in the last quarter. Stieven Capital Advisors L.P. purchased a new stake in SouthState in the third quarter worth $9,086,000. Charles Schwab Investment Management Inc. boosted its holdings in SouthState by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after acquiring an additional 72,181 shares in the last quarter. Finally, Prospector Partners LLC increased its position in SouthState by 52.8% during the 3rd quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock valued at $18,003,000 after purchasing an additional 64,013 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

SouthState stock opened at $105.18 on Wednesday. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26. 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 company has a market capitalization of $8.02 billion, a P/E ratio of 15.11 and a beta of 0.70. The stock’s 50 day moving average is $103.03 and its 200 day moving average is $99.41.

SouthState Announces Dividend

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

Insider Activity

In related news, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction that occurred 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 owns 34,107 shares of the company’s stock, valued at $3,693,447.03. This trade represents 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 available at the SEC website. Corporate insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on SSB shares. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price objective (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Truist Financial decreased their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. UBS Group started coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Finally, Piper Sandler increased their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

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.