Victory Capital Management Inc. Has $213.88 Million Position in SouthState Co. (NASDAQ:SSB)

Victory Capital Management Inc. trimmed its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 10.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,149,939 shares of the bank's stock after selling 238,098 shares during the quarter. Victory Capital Management Inc. owned approximately 2.82% of SouthState worth $213,876,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in SSB. Blue Trust Inc. raised its stake in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock valued at $113,000 after acquiring an additional 167 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in SouthState in the 4th quarter worth approximately $137,000. International Assets Investment Management LLC increased its position in SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock worth $142,000 after buying an additional 1,443 shares during the period. Avior Wealth Management LLC increased its position in SouthState by 22,412.5% in 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 during the period. Finally, Central Pacific Bank Trust Division increased its position in SouthState by 15.7% in 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. 89.76% of the stock is owned by institutional investors.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the company's stock in a transaction dated Wednesday, January 29th. The stock was 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 in the company, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Sara Arana sold 1,991 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the sale, the chief accounting officer now owns 4,787 shares of the company's stock, valued at $482,433.86. This trade represents a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SSB. Stephens reaffirmed an "overweight" rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, January 24th. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $120.00 price target (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Hovde Group lowered SouthState from an "outperform" rating to a "market perform" rating in a report on Wednesday, November 13th. UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price objective on the stock. Finally, Citigroup raised SouthState from a "neutral" rating to a "buy" rating and lifted their price objective 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 assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $115.44.

SouthState Price Performance

SouthState stock traded down $0.87 on Wednesday, reaching $94.63. The company's stock had a trading volume of 735,454 shares, compared to its average volume of 813,001. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market cap of $9.59 billion, a price-to-earnings ratio of 13.60 and a beta of 0.70. The business's fifty day moving average price is $100.99 and its 200 day moving average price is $100.83. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26.

SouthState Dividend Announcement

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. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.28%. SouthState's payout ratio is currently 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.