SouthState Co. (NASDAQ:SSB) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 4.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 842,498 shares of the bank's stock after purchasing an additional 37,796 shares during the period. Bank of New York Mellon Corp owned 1.10% of SouthState worth $83,812,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of SouthState by 16.8% in the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after acquiring an additional 167 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in shares of SouthState in the fourth quarter worth approximately $137,000. International Assets Investment Management LLC boosted its position in shares of SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock worth $142,000 after acquiring an additional 1,443 shares during the last quarter. Avior Wealth Management LLC boosted its position in shares of SouthState by 22,412.5% in the fourth quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank's stock worth $179,000 after acquiring an additional 1,793 shares during the last quarter. Finally, Central Pacific Bank Trust Division boosted its position in shares of SouthState by 15.7% in the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank's stock worth $183,000 after acquiring an additional 250 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts recently commented on SSB shares. Stephens restated an "overweight" rating and issued a $130.00 price target on shares of SouthState in a report on Friday, January 24th. Hovde Group lowered shares of SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and raised their price target for the company from $106.00 to $128.00 in a report on Monday, January 27th. Finally, UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price target on the stock. 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 presently has an average rating of "Moderate Buy" and an average price target of $115.44.

SouthState Trading Up 1.5 %

SSB opened at $100.73 on Monday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm's 50 day moving average is $101.13 and its 200-day moving average is $100.64. The firm has a market capitalization of $10.21 billion, a P/E ratio of 14.47 and a beta of 0.70. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.26.

SouthState Announces Dividend

The business 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 2.14%. SouthState's dividend payout ratio (DPR) is presently 31.03%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction 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 sale, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.26% of the company's stock.

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.

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