Charles Schwab Investment Management Inc. Grows Stock Position in SouthState Co. (NASDAQ:SSB)

Charles Schwab Investment Management Inc. increased its position in SouthState Co. (NASDAQ:SSB - Free Report) by 5.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,039,891 shares of the bank's stock after purchasing an additional 52,042 shares during the period. Charles Schwab Investment Management Inc. owned 1.36% of SouthState worth $103,448,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SSB. Assenagon Asset Management S.A. acquired a new stake in SouthState during the 4th quarter worth approximately $21,498,000. Fisher Asset Management LLC lifted its holdings in shares of SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after purchasing an additional 139,602 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in SouthState by 64.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank's stock valued at $25,809,000 after buying an additional 103,756 shares during the last quarter. Stieven Capital Advisors L.P. purchased a new position in SouthState during the 3rd quarter worth $9,086,000. Finally, Prospector Partners LLC lifted its stake in shares of SouthState by 52.8% in the 3rd quarter. Prospector Partners LLC now owns 185,250 shares of the bank's stock worth $18,003,000 after acquiring an additional 64,013 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at SouthState

In other news, CAO Sara Arana sold 1,991 shares of the business's stock in a transaction dated 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 owns 4,787 shares in the company, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Janet P. Froetscher purchased 2,717 shares of SouthState stock in a transaction on 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 completion of the transaction, the director now owns 4,689 shares of the company's stock, valued at $431,481.78. This represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.26% of the stock is currently owned by corporate insiders.

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SouthState Price Performance

Shares of SSB stock traded down $0.88 during mid-day trading on Thursday, reaching $89.41. The stock had a trading volume of 378,847 shares, compared to its average volume of 546,054. The company has a market cap of $9.06 billion, a P/E ratio of 12.85 and a beta of 0.68. 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 Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The business has a 50-day simple moving average of $99.95 and a 200 day simple moving average of $100.74.

SouthState Dividend Announcement

The business 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. This represents a $2.16 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date was Friday, February 7th. SouthState's dividend payout ratio (DPR) is presently 31.03%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SSB shares. Stephens reiterated an "overweight" rating and set a $130.00 price target on shares of SouthState in a research note on Friday, March 7th. UBS Group assumed coverage on SouthState in a research report on Tuesday, December 17th. They set a "buy" rating and a $132.00 target price on the stock. Hovde Group cut SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Finally, Citigroup raised SouthState from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $115.44.

About SouthState

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.