Bessemer Group Inc. raised its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 4.2% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 277,630 shares of the bank's stock after purchasing an additional 11,214 shares during the quarter. Bessemer Group Inc. owned 0.36% of SouthState worth $27,620,000 at the end of the most recent quarter.
A number of other large investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new position in shares of SouthState during the fourth quarter valued at approximately $5,682,000. Advisory Services Network LLC purchased a new position in SouthState during the fourth quarter valued at approximately $201,000. Bank of Montreal Can purchased a new stake in SouthState in the 4th quarter worth $213,000. Prospector Partners LLC grew its holdings in SouthState by 0.4% during the 4th quarter. Prospector Partners LLC now owns 186,058 shares of the bank's stock valued at $18,509,000 after buying an additional 808 shares in the last quarter. Finally, Federated Hermes Inc. lifted its stake in SouthState by 10.1% in the 4th quarter. Federated Hermes Inc. now owns 44,940 shares of the bank's stock worth $4,471,000 after purchasing an additional 4,111 shares in the last quarter. Institutional investors own 89.76% of the company's stock.
SouthState Stock Up 0.1 %
Shares of SouthState stock traded up $0.11 during trading hours on Wednesday, reaching $84.02. 193,232 shares of the company were exchanged, compared to its average volume of 615,466. The stock's fifty day moving average is $93.75 and its 200 day moving average is $99.38. The firm has a market cap of $8.52 billion, a PE ratio of 12.07 and a beta of 0.65. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.
SouthState Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.57%. SouthState's payout ratio is currently 31.03%.
Analyst Ratings Changes
A number of equities analysts have commented on the stock. Raymond James raised shares of SouthState from an "outperform" rating to a "strong-buy" rating and dropped their price objective for the stock from $120.00 to $115.00 in a research note on Wednesday, April 2nd. UBS Group started coverage on SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price objective for the company. 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 report on Monday, January 27th. Stephens restated an "overweight" rating and set a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Finally, Barclays reduced their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, SouthState currently has a consensus rating of "Moderate Buy" and a consensus price target of $117.90.
Read Our Latest Analysis on SSB
Insiders Place Their Bets
In related news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction dated Thursday, March 6th. The stock was bought at an average cost of $93.60 per share, with a total value of $290,160.00. Following the purchase, the director now directly owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Sara Arana sold 1,991 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. This trade represents a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company's stock.
SouthState Profile
(
Free Report)
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.
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