Synovus Financial Corp Sells 51,410 Shares of SouthState Co. (NASDAQ:SSB)

Synovus Financial Corp lowered its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 44.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,994 shares of the bank's stock after selling 51,410 shares during the period. Synovus Financial Corp owned approximately 0.09% of SouthState worth $6,466,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SSB. JPMorgan Chase & Co. raised its holdings in shares of SouthState by 2.5% during 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. FNY Investment Advisers LLC acquired a new position in shares of SouthState during the fourth quarter valued at $1,008,000. HighTower Advisors LLC raised its position in shares of SouthState by 7.6% during the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock worth $1,083,000 after buying an additional 787 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in SouthState in the third quarter worth approximately $265,000. Finally, Natixis Advisors LLC lifted its holdings in shares of SouthState by 74.4% in the fourth quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock valued at $3,631,000 after buying an additional 15,573 shares during the period. Institutional investors and hedge funds own 89.76% of the company's stock.

Insiders Place Their Bets

In other SouthState news, Director Janet P. Froetscher bought 2,717 shares of the firm's stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the transaction, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. The trade was a 137.78 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of SouthState 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 sale, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

SSB has been the topic of a number of research reports. Raymond James upgraded shares of SouthState from an "outperform" rating to a "strong-buy" rating and dropped their target price for the stock from $120.00 to $115.00 in a report on Wednesday, April 2nd. Stephens reaffirmed an "overweight" rating and issued a $130.00 price target on shares of SouthState in a report on Friday, March 7th. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Barclays cut their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, SouthState presently has a consensus rating of "Moderate Buy" and a consensus price target of $117.90.

SouthState Stock Performance

SSB traded up $0.75 on Friday, hitting $84.82. The company had a trading volume of 626,967 shares, compared to its average volume of 620,290. The company's fifty day moving average price is $92.90 and its 200 day moving average price is $99.19. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The stock has a market cap of $8.60 billion, a price-to-earnings ratio of 12.19 and a beta of 0.65.

SouthState Announces Dividend

The company also recently declared 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. This represents a $2.16 dividend on an annualized basis and a yield of 2.55%. The ex-dividend date of this dividend was Friday, February 7th. SouthState's dividend payout ratio (DPR) is 31.03%.

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.