Skandinaviska Enskilda Banken AB publ Buys Shares of 6,955 SouthState Co. (NASDAQ:SSB)

Skandinaviska Enskilda Banken AB publ purchased a new stake in SouthState Co. (NASDAQ:SSB - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,955 shares of the bank's stock, valued at approximately $699,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Atria Investments Inc boosted its holdings in shares of SouthState by 17.1% in the 3rd quarter. Atria Investments Inc now owns 6,297 shares of the bank's stock valued at $612,000 after buying an additional 919 shares in the last quarter. Los Angeles Capital Management LLC purchased a new stake in SouthState in the third quarter valued at $207,000. KBC Group NV boosted its stake in SouthState by 16.3% in the third quarter. KBC Group NV now owns 2,296 shares of the bank's stock valued at $223,000 after acquiring an additional 321 shares in the last quarter. CIBC Asset Management Inc purchased a new position in shares of SouthState during the third quarter worth about $214,000. Finally, Natixis Advisors LLC increased its position in shares of SouthState by 11.9% during the third quarter. Natixis Advisors LLC now owns 20,928 shares of the bank's stock worth $2,034,000 after purchasing an additional 2,226 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director G Stacy Smith bought 3,100 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the transaction, the director now 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the sale, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. This trade represents a 29.37 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

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Analyst Upgrades and Downgrades

SSB has been the topic of a number of research reports. UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target on the stock. Stephens reaffirmed an "overweight" rating and issued a $130.00 target price on shares of SouthState in a report on Friday, March 7th. Finally, Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and increased their price target for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $115.44.

SouthState Stock Performance

NASDAQ:SSB traded down $0.26 during mid-day trading on Friday, reaching $92.55. The stock had a trading volume of 2,931,189 shares, compared to its average volume of 557,216. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The business has a 50 day simple moving average of $99.42 and a 200 day simple moving average of $100.54. The firm has a market capitalization of $9.38 billion, a price-to-earnings ratio of 13.30 and a beta of 0.68. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 2.33%. SouthState's dividend payout ratio (DPR) is presently 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.