Raymond James Financial Inc. Takes Position in SouthState Co. (NASDAQ:SSB)

Raymond James Financial Inc. bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. 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 filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after purchasing an additional 93,312 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in SouthState by 5.3% during the fourth 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 in the last quarter. Fisher Asset Management LLC lifted its stake in SouthState by 19.6% in the fourth 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 increased its stake in shares of SouthState by 4.7% during 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 during the last quarter. Finally, Norges Bank acquired a new stake in SouthState in the 4th quarter valued at about $67,260,000. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Price Performance

SSB stock opened at $89.84 on Friday. The company's 50-day moving average price is $91.25 and its two-hundred day moving average price is $98.91. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market cap of $9.11 billion, a P/E ratio of 12.91 and a beta of 0.65.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, May 9th will be paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.40%. SouthState's payout ratio is presently 31.03%.

Insider Buying and Selling at SouthState

In related news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now directly owns 36,779 shares in the company, valued at $3,442,514.40. This trade represents a 9.20 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 transaction of $707,241.99. Following the completion of the sale, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

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

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.

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