Truist Financial Corp Sells 940 Shares of SouthState Co. (NASDAQ:SSB)

Truist Financial Corp cut its stake in shares of SouthState Co. (NASDAQ:SSB) by 2.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 43,672 shares of the bank’s stock after selling 940 shares during the quarter. Truist Financial Corp’s holdings in SouthState were worth $4,344,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Blue Trust Inc. lifted its stake in SouthState by 16.8% in 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 period. Stonebridge Financial Group LLC purchased a new position in SouthState during the 4th quarter valued at about $137,000. International Assets Investment Management LLC raised its holdings in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock valued at $142,000 after purchasing an additional 1,443 shares in the last quarter. Avior Wealth Management LLC lifted its position in shares of 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 purchasing an additional 1,793 shares during the period. Finally, Central Pacific Bank Trust Division boosted its stake in shares of SouthState by 15.7% during the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after purchasing an additional 250 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the 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 transaction, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.26% of the stock is currently owned by company insiders.

SouthState Price Performance

Shares of NASDAQ SSB opened at $99.19 on Monday. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.26. 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 $7.57 billion, a PE ratio of 14.25 and a beta of 0.70. The business has a 50-day simple moving average of $101.46 and a two-hundred day simple moving average of $100.32.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.18%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SSB shares. UBS Group began coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, Stephens reissued an “overweight” rating and set a $130.00 price target on shares of SouthState in a research report on Friday, January 24th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

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.