Mesirow Institutional Investment Management Inc. Has $10.83 Million Stake in SouthState Co. (NASDAQ:SSB)

Mesirow Institutional Investment Management Inc. trimmed its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 21.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,867 shares of the bank's stock after selling 30,154 shares during the quarter. Mesirow Institutional Investment Management Inc. owned about 0.14% of SouthState worth $10,830,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in SouthState by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock valued at $192,531,000 after buying an additional 93,312 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of SouthState by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock valued at $103,448,000 after acquiring an additional 52,042 shares in the last quarter. Fisher Asset Management LLC increased its position in SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after acquiring an additional 139,602 shares during the period. Bank of New York Mellon Corp raised its stake in SouthState by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock worth $83,812,000 after purchasing an additional 37,796 shares in the last quarter. Finally, Norges Bank bought a new stake in SouthState in the 4th quarter valued at about $67,260,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on SSB. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Barclays dropped their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Raymond James upgraded shares of SouthState from an "outperform" rating to a "strong-buy" rating and reduced their price objective for the stock from $120.00 to $115.00 in a research note on Wednesday, April 2nd. Finally, Stephens restated an "overweight" rating and issued a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, SouthState presently has an average rating of "Moderate Buy" and a consensus target price of $117.90.

SouthState Price Performance

Shares of NASDAQ:SSB traded up $1.64 during trading on Wednesday, hitting $88.66. 660,297 shares of the company were exchanged, compared to its average volume of 621,522. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The company has a market capitalization of $8.99 billion, a P/E ratio of 12.74 and a beta of 0.65. The business's 50 day moving average is $91.50 and its 200-day moving average is $98.95.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given 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 2.44%. SouthState's dividend payout ratio is presently 31.03%.

Insider Activity

In related news, Director Janet P. Froetscher purchased 2,717 shares of SouthState stock in a transaction on Monday, March 10th. The shares were purchased at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the transaction, the director now owns 4,689 shares of the company's stock, valued at approximately $431,481.78. This represents a 137.78 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at 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 bought at an average cost of $93.60 per share, with a total value of $290,160.00. Following the purchase, the director now owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. This trade represents a 9.20 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.70% of the company's stock.

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.