15,480 Shares in SouthState Co. (NASDAQ:SSB) Bought by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS acquired a new stake in SouthState Co. (NASDAQ:SSB) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 15,480 shares of the bank’s stock, valued at approximately $1,540,000.

A number of other large investors have also modified their holdings of SSB. Stifel Financial Corp grew its position in shares of SouthState by 10.5% during the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after acquiring an additional 6,062 shares during the period. JPMorgan Chase & Co. boosted its position in SouthState by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after purchasing an additional 9,863 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in SouthState in the fourth quarter valued at approximately $1,008,000. HighTower Advisors LLC increased its position in shares of SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after buying an additional 787 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new position in shares of SouthState during the 3rd quarter worth approximately $265,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Down 1.6 %

NASDAQ SSB opened at $92.32 on Friday. The business’s fifty day simple moving average is $99.06 and its 200-day simple moving average is $100.48. 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 firm has a market cap of $9.36 billion, a PE ratio of 13.26 and a beta of 0.68. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.34%. SouthState’s payout ratio is 31.03%.

Insider Buying and Selling at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the firm’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 completion of the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Sara Arana sold 1,991 shares of the stock in a transaction dated 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 approximately $482,433.86. The trade was a 29.37 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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