Raymond James Financial Inc. purchased a new stake in SouthState Co. (NASDAQ:SSB - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 57,116 shares of the bank's stock, valued at approximately $5,682,000. Raymond James Financial Inc. owned approximately 0.07% of SouthState at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in the stock. Blue Trust Inc. increased its stake in SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock valued at $113,000 after purchasing an additional 167 shares in the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of SouthState during the fourth quarter worth about $137,000. Avior Wealth Management LLC lifted its position in SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank's stock valued at $179,000 after acquiring an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division boosted its stake in SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank's stock valued at $183,000 after purchasing an additional 250 shares during the last quarter. Finally, CIBC Asset Management Inc increased its holdings in SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after purchasing an additional 126 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.
SouthState Stock Performance
SSB stock traded down $1.51 during mid-day trading on Friday, hitting $92.32. The company had a trading volume of 641,744 shares, compared to its average volume of 592,064. 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 firm has a market cap of $9.36 billion, a PE ratio of 13.26 and a beta of 0.68. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. The stock's fifty day moving average price is $99.06 and its two-hundred day moving average price is $100.48.
SouthState Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors 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 2.34%. SouthState's payout ratio is 31.03%.
Insider Buying and Selling at SouthState
In related news, CFO William E. V. Matthews sold 6,531 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the sale, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. The trade was a 29.37 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
SSB has been the topic of several analyst reports. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and lifted their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reiterated an "overweight" rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Finally, UBS Group began 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. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.44.
Read Our Latest Stock Analysis on SouthState
About SouthState
(
Free Report)
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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