Schroder Investment Management Group Cuts Stock Holdings in SouthState Co. (NASDAQ:SSB)

Schroder Investment Management Group lowered its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 8.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 420,907 shares of the bank's stock after selling 40,495 shares during the quarter. Schroder Investment Management Group owned about 0.55% of SouthState worth $42,339,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. boosted its stake in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after acquiring an additional 167 shares in the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of SouthState in the 4th quarter worth approximately $137,000. Avior Wealth Management LLC grew its stake in shares of SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank's stock worth $179,000 after buying an additional 1,793 shares during the last quarter. Central Pacific Bank Trust Division increased its position 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 buying an additional 250 shares in the last quarter. Finally, Intrust Bank NA bought a new position in SouthState during the 4th quarter valued at approximately $213,000. Institutional investors own 89.76% of the company's stock.

Insiders Place Their Bets

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

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Barclays initiated coverage on SouthState in a research note on Tuesday, April 1st. They issued an "overweight" rating and a $120.00 target price on the stock. Stephens restated an "overweight" rating and set a $130.00 price objective on shares of SouthState in a research note on Friday, March 7th. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and upped their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. UBS Group initiated coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price objective for the company. Finally, Raymond James upgraded SouthState from an "outperform" rating to a "strong-buy" rating and cut their target price for the company from $120.00 to $115.00 in a research note on Wednesday. Two research 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $118.40.

SouthState Stock Performance

NASDAQ:SSB traded down $3.17 on Friday, hitting $81.47. The stock had a trading volume of 1,086,621 shares, compared to its average volume of 601,860. The business's 50-day simple moving average is $97.93 and its two-hundred day simple moving average is $100.33. The stock has a market cap of $8.26 billion, a price-to-earnings ratio of 11.70 and a beta of 0.65. SouthState Co. has a 52-week low of $70.68 and a 52-week 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.

SouthState Dividend Announcement

The firm also recently announced 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. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.65%. SouthState's dividend payout ratio is currently 31.03%.

SouthState Company 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.