SG Americas Securities LLC reduced its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 64.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,972 shares of the bank's stock after selling 7,135 shares during the period. SG Americas Securities LLC's holdings in SouthState were worth $395,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in the stock. Chicago Partners Investment Group LLC grew its position in SouthState by 7.0% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank's stock worth $274,000 after purchasing an additional 186 shares during the last quarter. UMB Bank n.a. grew its holdings in SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank's stock worth $53,000 after buying an additional 192 shares in the last quarter. Sheets Smith Wealth Management increased its position in SouthState by 4.1% in the 4th quarter. Sheets Smith Wealth Management now owns 5,929 shares of the bank's stock valued at $590,000 after acquiring an additional 232 shares during the period. Central Pacific Bank Trust Division raised 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 acquiring an additional 250 shares in the last quarter. Finally, KBC Group NV boosted its position in SouthState by 16.3% during the 3rd quarter. KBC Group NV now owns 2,296 shares of the bank's stock worth $223,000 after acquiring an additional 321 shares during the period. 89.76% of the stock is owned by institutional investors.
Insider Buying and Selling
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 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 document filed with the SEC, which is accessible through this hyperlink. 1.70% of the stock is currently owned by company insiders.
SouthState Price Performance
Shares of NASDAQ:SSB traded down $1.21 on Friday, reaching $106.63. 538,396 shares of the company traded hands, compared to its average volume of 1,012,564. The stock has a market capitalization of $8.13 billion, a PE ratio of 15.32 and a beta of 0.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The company's 50 day moving average is $102.88 and its 200-day moving average is $99.52. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.26.
SouthState Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, February 7th will be given a $0.54 dividend. The ex-dividend date of this dividend is Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.03%. SouthState's dividend payout ratio (DPR) is 31.03%.
Analyst Upgrades and Downgrades
A number of brokerages have recently commented on SSB. Piper Sandler raised their price target on SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Keefe, Bruyette & Woods restated an "outperform" rating and set a $120.00 price target (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. UBS Group assumed coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price target for the company. Truist Financial dropped their target price on SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a report on Monday, October 28th. Finally, Stephens reaffirmed an "overweight" rating and set a $130.00 price target on shares of SouthState in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $115.44.
View Our Latest Report on SSB
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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