Raymond James Financial Inc. Makes New $5.68 Million Investment in SouthState Co. (NASDAQ:SSB)

Raymond James Financial Inc. bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 57,116 shares of the bank's stock, valued at approximately $5,682,000. Raymond James Financial Inc. owned approximately 0.07% of SouthState as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SSB. Geode Capital Management LLC boosted its stake in SouthState by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank's stock worth $176,931,000 after buying an additional 31,340 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of SouthState by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock worth $103,448,000 after acquiring an additional 52,042 shares during the period. Fisher Asset Management LLC boosted its position in shares of SouthState by 19.6% during the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after acquiring an additional 139,602 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SouthState by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock valued at $83,812,000 after purchasing an additional 37,796 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of SouthState by 4.9% in the third quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank's stock valued at $71,117,000 after purchasing an additional 34,194 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several equities analysts have weighed in on SSB shares. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and boosted their target price for the company from $106.00 to $128.00 in a report on Monday, January 27th. UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target on the stock. Finally, Stephens reiterated an "overweight" rating and issued a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $115.44.

SouthState Stock Up 0.6 %

Shares of NASDAQ:SSB traded up $0.54 during trading on Thursday, hitting $94.49. The company's stock had a trading volume of 62,915 shares, compared to its average volume of 557,233. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. The business has a 50 day moving average price of $99.30 and a two-hundred day moving average price of $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. The company has a market capitalization of $9.58 billion, a PE ratio of 13.59 and a beta of 0.68.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date was Friday, February 7th. SouthState's dividend payout ratio (DPR) is 31.03%.

Insider Transactions at SouthState

In related news, Director G Stacy Smith bought 3,100 shares of the stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now owns 36,779 shares in the company, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Janet P. Froetscher purchased 2,717 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were bought 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 $431,481.78. This represents a 137.78 % 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.

About SouthState

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.