HBK Sorce Advisory LLC Sells 5,429 Shares of SouthState Co. (NASDAQ:SSB)

HBK Sorce Advisory LLC reduced its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 24.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,649 shares of the bank's stock after selling 5,429 shares during the quarter. HBK Sorce Advisory LLC's holdings in SouthState were worth $1,656,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Louisiana State Employees Retirement System boosted its stake in shares of SouthState by 0.5% during the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock worth $2,109,000 after acquiring an additional 100 shares during the period. CIBC Asset Management Inc lifted its holdings in SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after purchasing an additional 126 shares during the last quarter. Caprock Group LLC lifted its holdings 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 purchasing an additional 140 shares during the last quarter. Oppenheimer Asset Management Inc. lifted 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 worth $2,252,000 after purchasing an additional 141 shares during the last quarter. Finally, Independent Advisor Alliance lifted its holdings in SouthState by 0.5% during the 4th quarter. Independent Advisor Alliance now owns 27,914 shares of the bank's stock worth $2,777,000 after purchasing an additional 145 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

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Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target for the company. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Stephens reissued an "overweight" rating and set a $130.00 price target 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 issued a buy rating to the company. According to MarketBeat.com, SouthState has an average rating of "Moderate Buy" and an average price target of $115.44.

Insider Activity

In other news, CFO William E. V. Matthews sold 6,531 shares of SouthState 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 transaction, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director G Stacy Smith purchased 3,100 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the purchase, the director now owns 36,779 shares in the company, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.26% of the company's stock.

SouthState Price Performance

NASDAQ SSB traded down $0.20 during midday trading on Tuesday, hitting $92.54. The company had a trading volume of 537,492 shares, compared to its average volume of 545,068. The company has a market capitalization of $9.38 billion, a PE ratio of 13.30 and a beta of 0.68. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a 50-day moving average price of $99.60 and a 200-day moving average price of $100.67. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.33%. SouthState's dividend payout ratio is presently 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.