SouthState Co. (NASDAQ:SSB) Shares Acquired by SouthState Corp

SouthState Corp lifted its stake in shares of SouthState Co. (NASDAQ:SSB) by 2.3% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 43,859 shares of the bank’s stock after buying an additional 994 shares during the quarter. SouthState Corp’s holdings in SouthState were worth $4,363,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SSB. Assenagon Asset Management S.A. acquired a new position in shares of SouthState during the fourth quarter worth about $21,498,000. Fisher Asset Management LLC lifted its stake in SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank’s stock worth $84,703,000 after purchasing an additional 139,602 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in 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 worth $25,809,000 after purchasing an additional 103,756 shares during the last quarter. Stieven Capital Advisors L.P. purchased a new stake in SouthState during the third quarter worth approximately $9,086,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after purchasing an additional 72,181 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Price Performance

SouthState stock opened at $91.57 on Monday. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. 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 business has a 50 day simple moving average of $99.68 and a 200-day simple moving average of $100.70. The stock has a market capitalization of $9.28 billion, a PE ratio of 13.16 and a beta of 0.68.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SSB shares. UBS Group started coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, Stephens reiterated an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares of the company’s stock, valued at $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Sara Arana sold 1,991 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the transaction, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. This represents a 29.37 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

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.