CIBC Private Wealth Group LLC Has $4.49 Million Position in SouthState Co. (NASDAQ:SSB)

CIBC Private Wealth Group LLC grew its holdings in SouthState Co. (NASDAQ:SSB) by 2.2% during the fourth quarter, Holdings Channel reports. The firm owned 46,709 shares of the bank’s stock after acquiring an additional 987 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in SouthState were worth $4,491,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Stifel Financial Corp increased its stake in shares of SouthState by 10.5% in 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 in the last quarter. JPMorgan Chase & Co. increased its stake in SouthState by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock valued at $39,736,000 after purchasing an additional 9,863 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of SouthState during the fourth quarter valued at about $1,008,000. HighTower Advisors LLC boosted its position in shares of SouthState by 7.6% during the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock worth $1,083,000 after purchasing an additional 787 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of SouthState in the 3rd quarter valued at about $265,000. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related news, Director Janet P. Froetscher purchased 2,717 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average cost of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now owns 4,689 shares of the company’s stock, valued at $431,481.78. This represents a 137.78 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the sale, the chief financial officer now owns 34,107 shares of the company’s stock, 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. Company insiders own 1.70% of the company’s stock.

SouthState Stock Performance

NASDAQ SSB opened at $92.36 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The company has a fifty day moving average price of $98.74 and a 200-day moving average price of $100.58. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The firm has a market cap of $9.36 billion, a price-to-earnings ratio of 13.27 and a beta of 0.68.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid 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 dividend payout ratio (DPR) is 31.03%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SSB shares. UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and upped their target price for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Barclays assumed coverage on shares of SouthState in a research report on Tuesday. They issued an “overweight” rating and a $120.00 price target for the company. Finally, Stephens restated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $115.90.

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.