SouthState Co. (NASDAQ:SSB) is Channing Capital Management LLC's 4th Largest Position

Channing Capital Management LLC reduced its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 9.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,000,112 shares of the bank's stock after selling 101,127 shares during the period. SouthState accounts for 2.7% of Channing Capital Management LLC's holdings, making the stock its 4th biggest holding. Channing Capital Management LLC owned about 1.31% of SouthState worth $99,491,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of SSB. Geode Capital Management LLC increased its holdings in SouthState by 1.8% during the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank's stock valued at $176,931,000 after buying an additional 31,340 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in SouthState by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock worth $103,448,000 after purchasing an additional 52,042 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after buying an additional 139,602 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of SouthState by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock worth $83,812,000 after buying an additional 37,796 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of SouthState by 4.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank's stock worth $71,117,000 after acquiring an additional 34,194 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

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Insider Activity

In other SouthState news, CAO Sara Arana sold 1,991 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the transaction, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. This represents a 29.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the business'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 completion of the sale, the chief financial officer now 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. Insiders own 1.26% of the company's stock.

Analysts Set New Price Targets

SSB has been the topic of several analyst reports. UBS Group began 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. Stephens restated an "overweight" rating and set a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Hovde Group cut SouthState from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Finally, Citigroup raised SouthState from a "neutral" rating to a "buy" rating and raised their price target 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 given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $115.44.

SouthState Stock Performance

Shares of NASDAQ:SSB traded down $0.88 during trading on Thursday, hitting $89.41. The stock had a trading volume of 493,640 shares, compared to its average volume of 547,061. The stock has a 50-day simple moving average of $99.95 and a two-hundred day simple moving average of $100.74. The stock has a market capitalization of $9.06 billion, a price-to-earnings ratio of 12.85 and a beta of 0.68. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend was Friday, February 7th. SouthState's payout ratio 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.