SouthState Co. (NASDAQ:SSB) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lowered its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 16.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,704 shares of the bank's stock after selling 6,227 shares during the quarter. Russell Investments Group Ltd.'s holdings in SouthState were worth $3,154,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. HighTower Advisors LLC lifted its holdings in shares of SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock valued at $1,083,000 after purchasing an additional 787 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of SouthState in the third quarter valued at approximately $265,000. Synovus Financial Corp lifted its position in shares of SouthState by 64.8% during the 3rd quarter. Synovus Financial Corp now owns 116,404 shares of the bank's stock valued at $11,312,000 after acquiring an additional 45,785 shares during the period. JPMorgan Chase & Co. increased its position in shares of SouthState by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank's stock worth $39,736,000 after purchasing an additional 9,863 shares during the period. Finally, Central Pacific Bank Trust Division raised its position in shares of SouthState by 15.7% in the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank's stock valued at $183,000 after buying an additional 250 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

SouthState Trading Up 1.5 %

Shares of SSB stock traded up $1.28 during trading hours on Tuesday, reaching $84.88. 20,333 shares of the stock were exchanged, compared to its average volume of 617,846. The company's 50-day moving average price is $92.08 and its 200-day moving average price is $99.10. The firm has a market capitalization of $8.60 billion, a price-to-earnings ratio of 12.16 and a beta of 0.65. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.54%. SouthState's dividend payout ratio (DPR) is currently 31.03%.

Insider Transactions at SouthState

In other news, CAO Sara Arana sold 1,991 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the transaction, the chief accounting officer now directly owns 4,787 shares of the company's stock, valued at approximately $482,433.86. This trade represents a 29.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director G Stacy Smith purchased 3,100 shares of the stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now owns 36,779 shares in the company, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

SSB has been the subject of several research analyst reports. Stephens reiterated an "overweight" rating and set a $130.00 price target on shares of SouthState in a report on Friday, March 7th. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and lifted their price objective for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Barclays cut their target price on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Raymond James upgraded SouthState from an "outperform" rating to a "strong-buy" rating and decreased their price objective for the company from $120.00 to $115.00 in a report on Wednesday, April 2nd. Two investment 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 company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $117.90.

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.