William E. V. Matthews Sells 6,531 Shares of SouthState Co. (NASDAQ:SSB) Stock

SouthState Co. (NASDAQ:SSB - Get Free Report) CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

SouthState Trading Down 0.5 %

Shares of SouthState stock traded down $0.50 during trading on Friday, hitting $105.45. The company's stock had a trading volume of 749,006 shares, compared to its average volume of 1,067,668. The stock has a market cap of $8.05 billion, a price-to-earnings ratio of 15.15 and a beta of 0.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.26. The stock has a 50-day moving average price of $103.34 and a two-hundred day moving average price of $99.21.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.05%. SouthState's payout ratio is 31.03%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Piper Sandler raised their price objective on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Hovde Group cut shares of SouthState from an "outperform" rating to a "market perform" rating in a research report on Wednesday, November 13th. Truist Financial cut their target price on shares of SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research report on Monday, October 28th. Finally, UBS Group initiated coverage on shares of SouthState in a report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target for the company. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, SouthState has a consensus rating of "Moderate Buy" and an average target price of $115.44.

Hedge Funds Weigh In On SouthState

A number of hedge funds and other institutional investors have recently made changes to their positions in SSB. CIBC Asset Management Inc boosted its position in SouthState by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock valued at $231,000 after acquiring an additional 126 shares during the last quarter. Sanctuary Advisors LLC lifted its stake in shares of SouthState by 38.8% in the 4th quarter. Sanctuary Advisors LLC now owns 3,782 shares of the bank's stock valued at $401,000 after purchasing an additional 1,057 shares during the period. Stieven Capital Advisors L.P. grew its stake in SouthState by 13.6% during the fourth quarter. Stieven Capital Advisors L.P. now owns 106,200 shares of the bank's stock worth $10,565,000 after purchasing an additional 12,700 shares during the period. Rhumbline Advisers increased its holdings in SouthState by 1.6% in the fourth quarter. Rhumbline Advisers now owns 258,068 shares of the bank's stock worth $25,673,000 after purchasing an additional 3,954 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in SouthState by 34.1% in the fourth quarter. Van ECK Associates Corp now owns 58,540 shares of the bank's stock valued at $5,824,000 after buying an additional 14,894 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

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.