SouthState Co. (NASDAQ:SSB) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System reduced its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 8.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 129,755 shares of the bank's stock after selling 11,297 shares during the period. California Public Employees Retirement System owned approximately 0.17% of SouthState worth $12,908,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Norges Bank bought 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 during the 4th quarter worth approximately $21,498,000. JPMorgan Chase & Co. grew its position in SouthState by 51.4% during the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock worth $61,569,000 after acquiring an additional 210,019 shares during the last quarter. Fisher Asset Management LLC grew its position in 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 acquiring an additional 139,602 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in SouthState during the 4th quarter worth approximately $5,682,000. 89.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SouthState

In related news, Director G Stacy Smith acquired 3,100 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now directly owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the transaction, the chief financial officer now 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 disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

SouthState Trading Down 7.0 %

SouthState stock traded down $6.15 during mid-day trading on Thursday, hitting $81.17. 107,085 shares of the company's stock were exchanged, compared to its average volume of 610,195. The firm has a market capitalization of $8.23 billion, a P/E ratio of 11.70 and a beta of 0.65. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. 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 company's 50 day simple moving average is $95.62 and its 200-day simple moving average is $99.76.

SouthState Announces Dividend

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 $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Friday, February 7th. SouthState's dividend payout ratio is 31.03%.

Analyst Ratings Changes

SSB has been the topic of a number of research analyst reports. UBS Group initiated coverage on SouthState in a research report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target on the stock. Citigroup upgraded 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. Stephens reiterated an "overweight" rating and issued a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. Raymond James upgraded SouthState from an "outperform" rating to a "strong-buy" rating and decreased their price objective for the company from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Finally, Barclays decreased their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $117.90.

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.