Pinebridge Investments L.P. Has $2.92 Million Stock Holdings in SouthState Co. (NASDAQ:SSB)

Pinebridge Investments L.P. increased its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 42.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,348 shares of the bank's stock after acquiring an additional 8,781 shares during the period. Pinebridge Investments L.P.'s holdings in SouthState were worth $2,920,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Summit Securities Group LLC bought a new position in shares of SouthState during the 4th quarter valued at $38,000. Quadrant Capital Group LLC raised its holdings in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after buying an additional 99 shares in the last quarter. Headlands Technologies LLC bought a new position in SouthState during the fourth quarter valued at about $102,000. Blue Trust Inc. lifted its position in shares of SouthState by 16.8% in the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after buying an additional 167 shares during the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in shares of SouthState during the 4th quarter worth about $137,000. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Stock Down 2.8 %

Shares of SSB opened at $87.25 on Friday. 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 50-day simple moving average of $90.93 and a 200-day simple moving average of $98.87. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. The firm has a market capitalization of $8.84 billion, a P/E ratio of 12.54 and a beta of 0.65.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, May 9th will be issued a $0.54 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.48%. SouthState's dividend payout ratio (DPR) is 34.12%.

Analyst Upgrades and Downgrades

SSB has been the topic of several analyst reports. Raymond James upgraded SouthState from an "outperform" rating to a "strong-buy" rating and lowered their price target for the company from $120.00 to $115.00 in a report on Wednesday, April 2nd. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and raised their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens reissued an "overweight" rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Finally, Barclays decreased their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $117.90.

Insiders Place Their Bets

In other SouthState news, Director Janet P. Froetscher purchased 2,717 shares of the business's stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the purchase, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the sale, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. This represents a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company's stock.

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.

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