Corebridge Financial Inc. Has $12.30 Million Stock Holdings in SouthState Co. (NASDAQ:SSB)

Corebridge Financial Inc. reduced its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 5.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 123,612 shares of the bank's stock after selling 6,606 shares during the period. Corebridge Financial Inc. owned about 0.16% of SouthState worth $12,297,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in the business. Louisiana State Employees Retirement System grew its stake in shares of SouthState by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock valued at $2,109,000 after purchasing an additional 100 shares during the period. Commonwealth Equity Services LLC grew its stake in SouthState by 1.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock worth $949,000 after buying an additional 112 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in shares of SouthState by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after acquiring an additional 126 shares in the last quarter. Caprock Group LLC grew its position in SouthState by 5.8% during the 4th quarter. Caprock Group LLC now owns 2,567 shares of the bank's stock worth $255,000 after acquiring an additional 140 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. increased its holdings in SouthState by 0.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 22,635 shares of the bank's stock valued at $2,252,000 after purchasing an additional 141 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on SSB. UBS Group began coverage on SouthState in a report on Tuesday, December 17th. They set a "buy" rating and a $132.00 target price on the stock. Stephens reissued an "overweight" rating and set a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Finally, Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and raised their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $115.44.

Insider Transactions at SouthState

In other SouthState news, 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 transaction of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G Stacy Smith purchased 3,100 shares of the stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, with a total value of $290,160.00. Following the completion of the acquisition, 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 disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company's stock.

SouthState Trading Down 1.6 %

NASDAQ SSB traded down $1.51 during trading hours on Friday, hitting $92.32. The company's stock had a trading volume of 641,744 shares, compared to its average volume of 592,894. The stock has a fifty day moving average of $99.06 and a 200 day moving average of $100.59. 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 firm has a market capitalization of $9.36 billion, a P/E ratio of 13.26 and a beta of 0.68. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27.

SouthState Announces Dividend

The business also recently announced 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. This represents a $2.16 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Friday, February 7th. SouthState's dividend payout ratio (DPR) is currently 31.03%.

About SouthState

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.