SouthState Co. (NASDAQ:SSB) Shares Bought by HighTower Advisors LLC

HighTower Advisors LLC grew its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 33.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,877 shares of the bank's stock after buying an additional 3,724 shares during the period. HighTower Advisors LLC's holdings in SouthState were worth $1,480,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Independent Advisor Alliance lifted its stake in shares of SouthState by 0.5% during the fourth quarter. Independent Advisor Alliance now owns 27,914 shares of the bank's stock valued at $2,777,000 after buying an additional 145 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in SouthState by 22.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,853 shares of the bank's stock valued at $1,975,000 after acquiring an additional 3,638 shares during the last quarter. Edgestream Partners L.P. purchased a new position in shares of SouthState during the 4th quarter worth $2,611,000. Raymond James Financial Inc. acquired a new stake in shares of SouthState during the fourth quarter worth $5,682,000. Finally, Arizona State Retirement System grew its position in shares of SouthState by 0.8% in the fourth quarter. Arizona State Retirement System now owns 22,128 shares of the bank's stock valued at $2,201,000 after purchasing an additional 184 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Janet P. Froetscher bought 2,717 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the acquisition, 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 filing with the SEC, which can be accessed through this link. Also, Director G Stacy Smith purchased 3,100 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $93.60 per share, with a total value of $290,160.00. Following the acquisition, the director now 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.

Analysts Set New Price Targets

SSB has been the topic of several recent analyst reports. UBS Group initiated coverage on SouthState in a research report on Tuesday, December 17th. They set a "buy" rating and a $132.00 target price on the stock. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Stephens restated an "overweight" rating and issued a $130.00 target price on shares of SouthState in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $115.44.

SouthState Trading Down 1.6 %

SSB traded down $1.51 on Friday, reaching $92.32. 641,744 shares of the company's stock were exchanged, compared to its average volume of 592,064. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The company's 50 day moving average is $99.06 and its 200-day moving average is $100.48. 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 cap of $9.36 billion, a price-to-earnings ratio of 13.26 and a beta of 0.68.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.34%. The ex-dividend date was Friday, February 7th. SouthState's payout ratio is currently 31.03%.

SouthState 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.