SouthState Co. (NASDAQ:SSB) Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. increased its position in SouthState Co. (NASDAQ:SSB) by 0.1% during the fourth quarter, Holdings Channel reports. The fund owned 8,441,792 shares of the bank’s stock after purchasing an additional 11,673 shares during the quarter. Vanguard Group Inc. owned about 0.11% of SouthState worth $839,789,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the company. Blue Trust Inc. raised its holdings in shares of SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after buying an additional 167 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in SouthState in the 4th quarter valued at approximately $137,000. Avior Wealth Management LLC raised its stake in SouthState by 22,412.5% during the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after acquiring an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division boosted its position 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 acquiring an additional 250 shares during the period. Finally, CIBC Asset Management Inc grew its stake in shares of SouthState by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock worth $231,000 after purchasing an additional 126 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SSB. Stephens restated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research note on Friday, March 7th. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, UBS Group assumed coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, SouthState presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

Insider Activity

In other SouthState news, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Janet P. Froetscher bought 2,717 shares of the firm’s stock in a transaction on Monday, March 10th. The stock was purchased at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the acquisition, the director now owns 4,689 shares of the company’s stock, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.

SouthState Stock Performance

Shares of SSB opened at $92.32 on Friday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The stock has a market capitalization of $9.36 billion, a P/E ratio of 13.26 and a beta of 0.68. The firm’s 50 day moving average is $99.06 and its 200-day moving average is $100.53. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued 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 2.34%. SouthState’s dividend 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.