Allspring Global Investments Holdings LLC Has $101 Million Stock Holdings in SouthState Co. (NASDAQ:SSB)

Allspring Global Investments Holdings LLC lowered its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,041,243 shares of the bank's stock after selling 7,374 shares during the period. Allspring Global Investments Holdings LLC owned 1.36% of SouthState worth $101,001,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Waldron Private Wealth LLC acquired a new stake in shares of SouthState in the third quarter valued at approximately $35,000. Blue Trust Inc. grew its holdings in SouthState by 16.8% during the 4th 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 stake in SouthState during the 4th quarter worth $137,000. International Assets Investment Management LLC grew its holdings in SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock worth $142,000 after acquiring an additional 1,443 shares during the period. Finally, Avior Wealth Management LLC grew its holdings in SouthState by 22,412.5% during the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank's stock worth $179,000 after acquiring an additional 1,793 shares during the period. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Stock Down 0.5 %

SSB traded down $0.46 during trading on Friday, hitting $102.20. The company had a trading volume of 640,497 shares, compared to its average volume of 812,275. The company has a market capitalization of $7.80 billion, a PE ratio of 14.68 and a beta of 0.70. SouthState Co. has a one year low of $70.68 and a one year high of $114.26. The firm's 50-day moving average price is $102.15 and its 200 day moving average price is $99.90. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.11%. SouthState's dividend payout ratio is currently 31.03%.

Insider Activity at SouthState

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the business'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 sale, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at $3,693,447.03. The trade was a 16.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 1.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on SSB shares. Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Truist Financial lowered their target price on shares of SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a report on Monday, October 28th. Hovde Group lowered shares of SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Stephens reissued an "overweight" rating and set a $130.00 price target on shares of SouthState in a research report on Friday, January 24th. Finally, Piper Sandler lifted their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price 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.