Intrust Bank NA Acquires Shares of 2,144 SouthState Co. (NASDAQ:SSB)

Intrust Bank NA bought a new position in SouthState Co. (NASDAQ:SSB) in the 4th quarter, Holdings Channel.com reports. The firm bought 2,144 shares of the bank’s stock, valued at approximately $213,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SSB. Blue Trust Inc. grew its holdings in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after acquiring an additional 167 shares during the period. Stonebridge Financial Group LLC acquired a new position in shares of SouthState during the 4th quarter worth $137,000. Avior Wealth Management LLC increased its holdings in shares of SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after purchasing an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division lifted its stake in shares of SouthState by 15.7% in the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after purchasing an additional 250 shares during the period. Finally, CIBC Asset Management Inc boosted its holdings in SouthState by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock worth $231,000 after buying an additional 126 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In other SouthState news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, with a total value of $290,160.00. Following the completion of the transaction, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. This trade represents a 9.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the transaction, the director now directly owns 4,689 shares of the company’s stock, valued at $431,481.78. This trade represents a 137.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of research analyst reports. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and increased their target price for the company from $106.00 to $128.00 in a report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and set a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Finally, UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Stock Performance

NASDAQ SSB opened at $92.32 on Monday. 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 stock has a market cap of $9.36 billion, a price-to-earnings ratio of 13.26 and a beta of 0.68. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. The business has a fifty day moving average of $99.06 and a 200-day moving average of $100.59.

SouthState Dividend Announcement

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