SouthState Co. (NASDAQ:SSB) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 51.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 618,913 shares of the bank's stock after purchasing an additional 210,019 shares during the period. JPMorgan Chase & Co. owned approximately 0.81% of SouthState worth $61,569,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Stifel Financial Corp increased its stake in SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank's stock worth $6,178,000 after purchasing an additional 6,062 shares during the period. FNY Investment Advisers LLC purchased a new position in SouthState in the 4th quarter worth about $1,008,000. HighTower Advisors LLC lifted its holdings in SouthState by 7.6% during the 3rd quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock valued at $1,083,000 after buying an additional 787 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in SouthState in the 3rd quarter valued at about $265,000. Finally, Natixis Advisors LLC grew its stake in SouthState by 74.4% in the 4th quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock worth $3,631,000 after acquiring an additional 15,573 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Up 8.3 %

Shares of SouthState stock traded up $6.70 on Wednesday, reaching $87.29. The stock had a trading volume of 1,463,462 shares, compared to its average volume of 612,126. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a 50 day moving average price of $95.62 and a 200 day moving average price of $99.76. 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 stock has a market capitalization of $8.85 billion, a P/E ratio of 12.54 and a beta of 0.65.

SouthState Announces Dividend

The firm also recently announced 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 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Friday, February 7th. SouthState's dividend payout ratio is currently 31.03%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on SSB. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and boosted their price target for the company from $106.00 to $128.00 in a report on Monday, January 27th. Raymond James upgraded 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 report on Wednesday, April 2nd. Barclays lowered their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday. Stephens reissued an "overweight" rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Finally, UBS Group initiated coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price target for the company. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, SouthState has an average rating of "Moderate Buy" and an average price target of $117.90.

Insider Activity at SouthState

In other SouthState news, CAO Sara Arana sold 1,991 shares of the firm'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 transaction of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares of the company's stock, valued at approximately $482,433.86. This trade represents a 29.37 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the completion of the sale, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. The trade was a 16.07 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

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.