SouthState Co. (NASDAQ:SSB) Director Acquires $250,018.34 in Stock

SouthState Co. (NASDAQ:SSB) Director Janet P. Froetscher acquired 2,717 shares of SouthState stock in a transaction dated Monday, March 10th. The shares were acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the purchase, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. The trade was a 137.78 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

SouthState Stock Performance

Shares of NASDAQ SSB traded up $0.33 during trading hours on Tuesday, reaching $90.77. 705,946 shares of the stock were exchanged, compared to its average volume of 543,712. The stock’s fifty day simple moving average is $100.31 and its 200 day simple moving average is $100.85. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of 13.04 and a beta of 0.68. SouthState Co. has a 52 week low of $70.68 and a 52 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.

SouthState Dividend Announcement

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

Institutional Trading of SouthState

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

Wall Street Analyst Weigh In

Several research analysts recently commented on SSB shares. UBS Group initiated coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target for the company. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens reiterated an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research note on Friday. Finally, Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price 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.