379 Shares in SouthState Co. (NASDAQ:SSB) Acquired by Summit Securities Group LLC

Summit Securities Group LLC bought a new stake in SouthState Co. (NASDAQ:SSB) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 379 shares of the bank’s stock, valued at approximately $38,000.

Several other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in SouthState during the 4th quarter worth approximately $67,260,000. Assenagon Asset Management S.A. bought a new stake in SouthState in the 4th quarter valued at approximately $21,498,000. JPMorgan Chase & Co. lifted its position in shares of SouthState by 51.4% in the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank’s stock worth $61,569,000 after purchasing an additional 210,019 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of SouthState by 19.6% during the 4th 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 during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of SouthState by 64.1% during the 3rd 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 in the last quarter. Institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SSB. UBS Group assumed coverage on shares of SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and increased their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Stephens restated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $115.44.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $92.32 on Monday. The firm has a 50 day moving average of $99.06 and a 200-day moving average of $100.59. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $9.36 billion, a PE ratio of 13.26 and a beta of 0.68.

SouthState Announces Dividend

The firm 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. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

Insider Activity

In other news, Director G Stacy Smith purchased 3,100 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $93.60 per share, with a total value of $290,160.00. Following the completion of the purchase, the director now owns 36,779 shares of the company’s stock, valued at $3,442,514.40. This trade represents a 9.20 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction that occurred 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 owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company’s stock.

About SouthState

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.