SouthState Co. (NASDAQ:SSB) Shares Acquired by Federated Hermes Inc.

Federated Hermes Inc. boosted its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 10.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 44,940 shares of the bank's stock after buying an additional 4,111 shares during the quarter. Federated Hermes Inc. owned 0.06% of SouthState worth $4,471,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of SSB. Quadrant Capital Group LLC increased its holdings in SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after buying an additional 99 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in SouthState during the fourth quarter valued at $1,404,000. Cullen Capital Management LLC lifted its stake in SouthState by 15.9% in the 4th quarter. Cullen Capital Management LLC now owns 7,082 shares of the bank's stock valued at $705,000 after buying an additional 972 shares in the last quarter. Headlands Technologies LLC acquired a new stake in SouthState in the 4th quarter worth about $102,000. Finally, Geode Capital Management LLC increased its stake in SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after buying an additional 93,312 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Up 0.3 %

SouthState stock traded up $0.25 during midday trading on Thursday, hitting $84.32. 242,027 shares of the company were exchanged, compared to its average volume of 617,207. 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 fifty-two week low of $70.68 and a fifty-two week high of $114.27. The company's fifty day moving average price is $93.30 and its 200-day moving average price is $99.28. The company has a market cap of $8.55 billion, a PE ratio of 12.14 and a beta of 0.65.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.56%. SouthState's payout ratio is 31.03%.

Wall Street Analyst Weigh In

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

Insider Activity

In other SouthState news, Director G Stacy Smith acquired 3,100 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the purchase, the director now directly owns 36,779 shares in the company, valued at $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO William E. V. Matthews sold 6,531 shares of the company'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 transaction, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at $3,693,447.03. This trade represents 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.

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.