Cibc World Markets Corp bought a new stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 7,117 shares of the bank's stock, valued at approximately $708,000.
A number of other institutional investors and hedge funds have also made changes to their positions in the stock. SouthState Corp raised its stake in shares of SouthState by 2.3% during the 4th quarter. SouthState Corp now owns 43,859 shares of the bank's stock worth $4,363,000 after acquiring an additional 994 shares in the last quarter. Natixis Advisors LLC lifted its holdings in shares of SouthState by 74.4% during the 4th quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock valued at $3,631,000 after purchasing an additional 15,573 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in shares of SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock worth $949,000 after purchasing an additional 112 shares in the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in SouthState during the 4th quarter worth $699,000. Finally, Swiss National Bank increased its position in SouthState by 0.7% during the 4th quarter. Swiss National Bank now owns 149,937 shares of the bank's stock valued at $14,916,000 after buying an additional 1,100 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity at SouthState
In related news, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the business's stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now owns 4,689 shares in the company, valued at $431,481.78. The trade was a 137.78 % increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is owned by corporate insiders.
SouthState Price Performance
Shares of SouthState stock traded down $0.49 on Wednesday, hitting $93.94. The company's stock had a trading volume of 589,493 shares, compared to its average volume of 557,964. The company has a market capitalization of $9.52 billion, a price-to-earnings ratio of 13.50 and a beta of 0.68. The firm has a fifty day moving average price of $99.41 and a 200-day moving average price of $100.58. 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 Co. has a 1 year low of $70.68 and a 1 year high of $114.27.
SouthState Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Friday, February 7th. SouthState's payout ratio is 31.03%.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on SSB. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and upped their price objective for the company from $106.00 to $128.00 in a report on Monday, January 27th. UBS Group started coverage on SouthState in a research report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target for the company. Finally, Stephens reissued an "overweight" rating and issued a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, SouthState presently has a consensus rating of "Moderate Buy" and an average price target of $115.44.
Check Out Our Latest Report on SSB
About SouthState
(
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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