Wellington Management Group LLP Decreases Holdings in SouthState Co. (NASDAQ:SSB)

Wellington Management Group LLP lessened its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 19.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 937,772 shares of the bank's stock after selling 233,516 shares during the period. Wellington Management Group LLP owned 1.23% of SouthState worth $93,290,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Summit Securities Group LLC bought a new position in shares of SouthState in the 4th quarter valued at $38,000. Blue Trust Inc. lifted 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 purchasing an additional 167 shares during the period. Stonebridge Financial Group LLC bought a new stake in SouthState in the 4th quarter valued at about $137,000. 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 valued at $179,000 after buying an additional 1,793 shares in the last quarter. 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 valued at $183,000 after buying an additional 250 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

Insider Transactions at SouthState

In related news, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the transaction, the chief accounting officer now owns 4,787 shares of the company's stock, valued at approximately $482,433.86. This represents a 29.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO William E. V. Matthews sold 6,531 shares of the company's 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 transaction, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at $3,693,447.03. This represents 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 company insiders.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Barclays dropped their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday. UBS Group started coverage on SouthState in a research note on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price objective on the stock. Stephens restated an "overweight" rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Finally, Raymond James raised shares of 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 investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $117.90.

SouthState Stock Down 7.1 %

NASDAQ SSB traded down $6.19 during mid-day trading on Thursday, reaching $81.13. The stock had a trading volume of 107,085 shares, compared to its average volume of 610,212. The stock has a market cap of $8.22 billion, a PE ratio of 11.70 and a beta of 0.65. 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 company has a fifty day moving average price of $95.62 and a 200 day moving average price of $99.76. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.66%. SouthState's dividend payout ratio (DPR) is 31.03%.

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.