Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 22.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,853 shares of the bank's stock after buying an additional 3,638 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in SouthState were worth $1,975,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. lifted its holdings in SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after purchasing an additional 167 shares in the last quarter. Stonebridge Financial Group LLC purchased a new stake in SouthState during the 4th quarter worth about $137,000. Avior Wealth Management LLC lifted its holdings in SouthState by 22,412.5% during the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank's stock worth $179,000 after purchasing an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division lifted its holdings in SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank's stock worth $183,000 after purchasing an additional 250 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in SouthState in the 3rd quarter worth about $207,000. Hedge funds and other institutional investors own 89.76% of the company's stock.
SouthState Price Performance
Shares of SouthState stock traded down $1.57 during trading on Thursday, hitting $92.83. 821,175 shares of the stock traded hands, compared to its average volume of 547,181. 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 cap of $9.41 billion, a price-to-earnings ratio of 13.34 and a beta of 0.68. The firm's fifty day moving average is $99.49 and its 200-day moving average is $100.60. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27.
SouthState Dividend Announcement
The company also recently disclosed 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 annualized dividend and a dividend yield of 2.33%. SouthState's dividend payout ratio (DPR) is presently 31.03%.
Insider Activity
In related news, CFO William E. V. Matthews sold 6,531 shares of the firm'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 transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the transaction, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company's stock.
Analyst Ratings Changes
A number of equities analysts have weighed in on SSB shares. Citigroup upgraded 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 note on Monday, January 27th. UBS Group started coverage on SouthState in a research note on Tuesday, December 17th. They issued a "buy" rating and a $132.00 target price on the stock. Finally, Stephens restated an "overweight" rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Two 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, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $115.44.
Check Out Our Latest Stock Report on SSB
SouthState Company Profile
(
Free Report)
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.
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