SouthState Co. (NASDAQ:SSB) Shares Sold by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. lowered its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,467,570 shares of the bank's stock after selling 57,179 shares during the period. T. Rowe Price Investment Management Inc. owned 4.55% of SouthState worth $344,954,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its position in shares of SouthState by 4.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 56,102 shares of the bank's stock worth $5,582,000 after buying an additional 2,279 shares during the period. Pinebridge Investments L.P. lifted its stake in shares of SouthState by 42.7% in the 4th quarter. Pinebridge Investments L.P. now owns 29,348 shares of the bank's stock valued at $2,920,000 after purchasing an additional 8,781 shares in the last quarter. Hsbc Holdings PLC grew its holdings in shares of SouthState by 384.9% during the 4th quarter. Hsbc Holdings PLC now owns 33,706 shares of the bank's stock worth $3,387,000 after purchasing an additional 26,755 shares during the period. Tower Research Capital LLC TRC increased its position in SouthState by 609.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 21,974 shares of the bank's stock worth $2,186,000 after purchasing an additional 18,878 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in SouthState by 7.7% in the fourth quarter. MetLife Investment Management LLC now owns 87,445 shares of the bank's stock valued at $8,699,000 after buying an additional 6,230 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Down 2.8 %

Shares of NASDAQ:SSB traded down $2.50 during midday trading on Friday, reaching $87.25. The company had a trading volume of 1,390,190 shares, compared to its average volume of 626,877. SouthState Co. has a one year low of $70.68 and a one year high of $114.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $8.84 billion, a P/E ratio of 12.54 and a beta of 0.65. The stock's fifty day moving average price is $90.93 and its 200-day moving average price is $98.87.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, May 9th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.48%. SouthState's payout ratio is 34.12%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Barclays decreased 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, April 8th. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and upped their target price for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reiterated an "overweight" rating and set a $130.00 target price on shares of SouthState in a report on Friday, March 7th. Finally, Raymond James upgraded SouthState from an "outperform" rating to a "strong-buy" rating and decreased their price target for the stock from $120.00 to $115.00 in a report on Wednesday, April 2nd. 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 stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $117.90.

Insider Buying and Selling

In other news, Director Janet P. Froetscher purchased 2,717 shares of SouthState stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the acquisition, the director now owns 4,689 shares in the company, valued at $431,481.78. The trade was a 137.78 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction dated 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 directly owns 34,107 shares in the company, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. 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.