SouthState Co. (NASDAQ:SSB) Shares Bought by Loomis Sayles & Co. L P

Loomis Sayles & Co. L P lifted its position in shares of SouthState Co. (NASDAQ:SSB) by 1.2% during the fourth quarter, HoldingsChannel reports. The fund owned 190,776 shares of the bank’s stock after acquiring an additional 2,214 shares during the quarter. Loomis Sayles & Co. L P’s holdings in SouthState were worth $18,978,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. acquired a new stake in SouthState in the fourth quarter valued at $21,498,000. JPMorgan Chase & Co. lifted its stake in shares of SouthState by 51.4% in the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank’s stock valued at $61,569,000 after purchasing an additional 210,019 shares during the period. Fisher Asset Management LLC boosted its holdings 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 buying an additional 139,602 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position 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 buying an additional 103,756 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in SouthState in the fourth quarter valued at about $5,682,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SSB has been the topic of several research analyst reports. Citigroup raised 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 research note on Monday, January 27th. Stephens reiterated an “overweight” rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Finally, UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, SouthState currently has a consensus rating of “Moderate Buy” and an average target price of $115.44.

Insider Activity

In other news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction dated 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director G Stacy Smith bought 3,100 shares of the firm’s stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the transaction, 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 position. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company’s stock.

SouthState Stock Down 1.6 %

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. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. The firm has a market cap of $9.36 billion, a P/E ratio of 13.26 and a beta of 0.68. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.34%. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

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.