Van ECK Associates Corp Purchases 14,894 Shares of SouthState Co. (NASDAQ:SSB)

Van ECK Associates Corp raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 34.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 58,540 shares of the bank's stock after purchasing an additional 14,894 shares during the quarter. Van ECK Associates Corp owned 0.08% of SouthState worth $5,824,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in SSB. Louisiana State Employees Retirement System increased its holdings in SouthState by 0.5% in the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock valued at $2,109,000 after purchasing an additional 100 shares during the period. Caprock Group LLC increased its stake in shares of SouthState by 5.8% in the fourth quarter. Caprock Group LLC now owns 2,567 shares of the bank's stock valued at $255,000 after buying an additional 140 shares during the period. Blue Trust Inc. raised its position in shares of SouthState by 16.8% during 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. Chicago Partners Investment Group LLC lifted its stake in shares of SouthState by 7.0% in the third quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank's stock worth $274,000 after acquiring an additional 186 shares during the period. Finally, Pacer Advisors Inc. boosted its holdings in SouthState by 1.9% in the fourth quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank's stock valued at $1,131,000 after acquiring an additional 207 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. 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 research report on Thursday, November 7th. UBS Group assumed coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price target on the stock. Truist Financial lowered their price objective on SouthState from $111.00 to $103.00 and set a "hold" rating for the company in a research report on Monday, October 28th. Stephens reissued an "overweight" rating and issued a $130.00 price objective on shares of SouthState in a research note on Friday, January 24th. Finally, Piper Sandler raised their target price on SouthState from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, SouthState currently has an average rating of "Moderate Buy" and a consensus target price of $115.44.

SouthState Stock Down 2.1 %

SouthState stock traded down $2.17 during midday trading on Friday, reaching $99.19. The stock had a trading volume of 696,424 shares, compared to its average volume of 878,415. The company has a fifty day moving average price of $101.46 and a two-hundred day moving average price of $100.15. The company has a market capitalization of $7.57 billion, a P/E ratio of 14.25 and a beta of 0.70. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders 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 2.18%. The ex-dividend date of this dividend was Friday, February 7th. SouthState's payout ratio is 31.03%.

Insider Buying and Selling

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the business's stock in a transaction that occurred 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 directly owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.26% of the stock is owned by company insiders.

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.