KLP Kapitalforvaltning AS Makes New $1.54 Million Investment in SouthState Co. (NASDAQ:SSB)

KLP Kapitalforvaltning AS bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 15,480 shares of the bank's stock, valued at approximately $1,540,000.

Other institutional investors have also modified their holdings of the company. Sei Investments Co. raised its stake in SouthState by 0.5% during the 4th quarter. Sei Investments Co. now owns 294,950 shares of the bank's stock valued at $29,342,000 after acquiring an additional 1,554 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of SouthState during the fourth quarter worth approximately $1,045,000. Xponance Inc. lifted its holdings in shares of SouthState by 4.4% during the fourth quarter. Xponance Inc. now owns 10,770 shares of the bank's stock worth $1,071,000 after purchasing an additional 452 shares during the period. Boston Partners grew its position in SouthState by 2.3% in the 4th quarter. Boston Partners now owns 262,236 shares of the bank's stock valued at $26,087,000 after buying an additional 5,873 shares during the last quarter. Finally, Cibc World Markets Corp acquired a new position in SouthState in the 4th quarter valued at $708,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, 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 transaction, the chief financial officer now owns 34,107 shares of the company's stock, valued at $3,693,447.03. This represents a 16.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director G Stacy Smith acquired 3,100 shares of the business's stock in a transaction dated Thursday, March 6th. The shares were bought at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the acquisition, the director now owns 36,779 shares in the company, valued at approximately $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. Corporate insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of several recent analyst reports. UBS Group began coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a "buy" rating and a $132.00 target price for the company. Stephens reaffirmed an "overweight" rating and issued a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Raymond James upgraded SouthState from an "outperform" rating to a "strong-buy" rating and cut their price objective for the stock from $120.00 to $115.00 in a research report on Wednesday. Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Barclays assumed coverage on SouthState in a report on Tuesday. They issued an "overweight" rating and a $120.00 price target on the stock. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $118.40.

SouthState Price Performance

SSB stock traded up $2.40 during trading on Wednesday, hitting $94.66. The stock had a trading volume of 790,370 shares, compared to its average volume of 595,706. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The stock has a market cap of $9.60 billion, a price-to-earnings ratio of 13.60 and a beta of 0.68. The company's 50 day moving average price is $98.65 and its two-hundred day moving average price is $100.54. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.28%. SouthState's payout ratio is currently 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.