Natixis Advisors LLC Increases Stock Position in SouthState Co. (NASDAQ:SSB)

Natixis Advisors LLC lifted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 74.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 36,501 shares of the bank's stock after buying an additional 15,573 shares during the quarter. Natixis Advisors LLC's holdings in SouthState were worth $3,631,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of SSB. Blue Trust Inc. grew its holdings in SouthState by 16.8% during the 4th 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 period. Stonebridge Financial Group LLC acquired a new position in SouthState in the fourth quarter valued at approximately $137,000. Avior Wealth Management LLC boosted its holdings in shares of SouthState by 22,412.5% during the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank's stock worth $179,000 after buying an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division grew its position in shares of SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank's stock worth $183,000 after buying an additional 250 shares during the period. Finally, CIBC Asset Management Inc bought a new stake in shares of SouthState in the 3rd quarter valued at $214,000. Institutional investors own 89.76% of the company's stock.

Insiders Place Their Bets

In related news, Director G Stacy Smith purchased 3,100 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was bought at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the purchase, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. This trade represents a 9.20 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction that occurred 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 transaction, 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 disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

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Wall Street Analysts Forecast Growth

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

SouthState Stock Down 0.5 %

SouthState stock traded down $0.49 during trading on Wednesday, hitting $93.94. 589,493 shares of the company were exchanged, compared to its average volume of 557,964. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The business's 50 day moving average is $99.41 and its 200 day moving average is $100.58. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. The company has a market capitalization of $9.52 billion, a P/E ratio of 13.50 and a beta of 0.68.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Friday, February 7th. SouthState's payout ratio is 31.03%.

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.