Swiss National Bank Buys 1,100 Shares of SouthState Co. (NASDAQ:SSB)

Swiss National Bank grew its stake in SouthState Co. (NASDAQ:SSB) by 0.7% during the fourth quarter, HoldingsChannel reports. The fund owned 149,937 shares of the bank’s stock after acquiring an additional 1,100 shares during the quarter. Swiss National Bank’s holdings in SouthState were worth $14,916,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Stifel Financial Corp grew its stake in SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after purchasing an additional 6,062 shares during the last quarter. JPMorgan Chase & Co. boosted 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 buying an additional 9,863 shares in the last quarter. Fisher Asset Management LLC grew its position in shares of SouthState by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after buying an additional 25,495 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of SouthState during the 4th quarter worth approximately $1,008,000. Finally, HighTower Advisors LLC lifted 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 acquiring an additional 787 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Stock Performance

Shares of SSB opened at $94.54 on Thursday. The stock has a 50-day moving average of $99.49 and a two-hundred day moving average of $100.60. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market cap of $9.58 billion, a P/E ratio of 13.58 and a beta of 0.68. SouthState Co. has a one year low of $70.68 and a one year high of $114.27.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.28%. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

Insiders Place Their Bets

In related news, Director Janet P. Froetscher acquired 2,717 shares of SouthState stock in a transaction on Monday, March 10th. The stock was acquired 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 represents a 137.78 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director G Stacy Smith bought 3,100 shares of the stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the purchase, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.26% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SSB has been the topic of several analyst reports. Citigroup raised 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 report on Monday, January 27th. UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Finally, Stephens reiterated an “overweight” rating and issued a $130.00 price target 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 given a buy rating to the stock. According to MarketBeat, SouthState presently has an average rating of “Moderate Buy” and an average 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.