Blue Trust Inc. Has $87,000 Holdings in SouthState Co. (NASDAQ:SSB)

Blue Trust Inc. lessened its stake in SouthState Co. (NASDAQ:SSB) by 11.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 879 shares of the bank’s stock after selling 115 shares during the quarter. Blue Trust Inc.’s holdings in SouthState were worth $87,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. BIP Wealth LLC boosted its holdings in SouthState by 605.2% during the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after purchasing an additional 26,966 shares during the last quarter. Stifel Financial Corp boosted its holdings in SouthState by 10.5% during the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after purchasing an additional 6,062 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in SouthState by 2.5% during the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after purchasing an additional 9,863 shares during the last quarter. Fisher Asset Management LLC boosted its holdings in SouthState by 3.7% during the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after purchasing an additional 25,495 shares during the last quarter. Finally, FNY Investment Advisers LLC acquired a new position in SouthState during the fourth quarter worth $1,008,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SSB. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Truist Financial dropped their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price target (up 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. Finally, Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and upped their price target for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Price Performance

NASDAQ:SSB opened at $99.19 on Friday. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.26. The firm has a market cap of $7.57 billion, a price-to-earnings ratio of 14.25 and a beta of 0.70. The firm’s 50-day simple moving average is $101.46 and its 200 day simple moving average is $100.23. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors 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 yield of 2.18%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is 31.03%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were 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 of the company’s stock, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.26% of the stock is owned by insiders.

SouthState 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.