SouthState Co. (NASDAQ:SSB) Shares Purchased by Geode Capital Management LLC

Geode Capital Management LLC boosted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 5.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,913,615 shares of the bank's stock after acquiring an additional 93,312 shares during the period. Geode Capital Management LLC owned 2.51% of SouthState worth $192,531,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. HighTower Advisors LLC increased its position in shares of SouthState by 7.6% during the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock valued at $1,083,000 after purchasing an additional 787 shares during the last quarter. Stifel Financial Corp lifted its stake in SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank's stock worth $6,178,000 after acquiring an additional 6,062 shares during the period. Jane Street Group LLC boosted its stake in shares of SouthState by 14.5% during the third quarter. Jane Street Group LLC now owns 149,411 shares of the bank's stock valued at $14,520,000 after purchasing an additional 18,881 shares in the last quarter. XTX Topco Ltd bought a new position in SouthState in the third quarter worth about $445,000. Finally, Sanctuary Advisors LLC acquired a new stake in SouthState in the third quarter valued at approximately $265,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Stephens reissued an "overweight" rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Raymond James upgraded shares of SouthState from an "outperform" rating to a "strong-buy" rating and decreased their target price for the company from $120.00 to $115.00 in a research note on Wednesday, April 2nd. Barclays dropped their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday. UBS Group initiated coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target for the company. Finally, Citigroup upgraded shares of 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 report on Monday, January 27th. Two investment 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 MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $117.90.

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Insider Buying and Selling

In other SouthState news, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, the director now owns 4,689 shares in the company, valued at $431,481.78. This represents a 137.78 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the company's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the completion of the sale, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

SouthState Price Performance

Shares of NASDAQ SSB traded down $0.17 during midday trading on Friday, hitting $81.38. The company had a trading volume of 743,468 shares, compared to its average volume of 615,701. The firm has a market capitalization of $8.25 billion, a price-to-earnings ratio of 11.69 and a beta of 0.65. 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 business has a 50-day simple moving average of $94.71 and a two-hundred day simple moving average of $99.55. 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 disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date was Friday, February 7th. SouthState's payout ratio 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.