606,261 Shares in SouthState Co. (NASDAQ:SSB) Purchased by Capital Research Global Investors

Capital Research Global Investors bought a new position in SouthState Co. (NASDAQ:SSB - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 606,261 shares of the bank's stock, valued at approximately $60,311,000. Capital Research Global Investors owned 0.79% of SouthState as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in SSB. Forum Financial Management LP purchased a new stake in shares of SouthState during the 4th quarter worth $260,000. CANADA LIFE ASSURANCE Co boosted its holdings in SouthState by 3.6% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 72,650 shares of the bank's stock valued at $7,227,000 after purchasing an additional 2,492 shares during the last quarter. Farringdon Capital Ltd. acquired a new stake in SouthState during the fourth quarter worth about $1,019,000. Advisory Research Inc. boosted its stake in shares of SouthState by 269.8% during the 4th quarter. Advisory Research Inc. now owns 129,104 shares of the bank's stock worth $12,843,000 after acquiring an additional 94,193 shares in the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of SouthState by 104.4% during the 4th quarter. NewEdge Advisors LLC now owns 4,072 shares of the bank's stock worth $405,000 after buying an additional 2,080 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Insider Transactions at SouthState

In other SouthState news, Director Janet P. Froetscher acquired 2,717 shares of the company's stock in a transaction on Monday, March 10th. The shares were bought at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the purchase, the director now owns 4,689 shares in the company, valued at $431,481.78. This trade represents a 137.78 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director G Stacy Smith purchased 3,100 shares of the company's stock in a transaction that occurred on 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 transaction, the director now directly owns 36,779 shares in the company, valued at $3,442,514.40. This trade represents a 9.20 % increase in their ownership of the stock. 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 topic of several recent research reports. Barclays lowered their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Raymond James raised shares of SouthState from an "outperform" rating to a "strong-buy" rating and lowered their price objective for the stock from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Stephens restated an "overweight" rating and set a $130.00 price target on shares of SouthState in a research note on Friday, March 7th. Finally, Citigroup raised SouthState from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, SouthState currently has a consensus rating of "Moderate Buy" and a consensus price target of $117.90.

SouthState Stock Up 1.3 %

SSB stock traded up $1.18 during mid-day trading on Thursday, reaching $89.84. The company had a trading volume of 773,264 shares, compared to its average volume of 623,089. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. The firm has a fifty day simple moving average of $91.25 and a 200 day simple moving average of $98.91. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $9.11 billion, a price-to-earnings ratio of 12.91 and a beta of 0.65.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, May 9th will be given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.40%. SouthState's dividend payout ratio (DPR) 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.