Mutual of America Capital Management LLC Reduces Holdings in SouthState Co. (NASDAQ:SSB)

Mutual of America Capital Management LLC lowered its position in shares of SouthState Co. (NASDAQ:SSB) by 2.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,300 shares of the bank’s stock after selling 886 shares during the period. Mutual of America Capital Management LLC owned approximately 0.05% of SouthState worth $4,009,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Geode Capital Management LLC increased its stake in shares of SouthState by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock worth $176,931,000 after buying an additional 31,340 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of SouthState by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after buying an additional 72,181 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of SouthState by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank’s stock worth $83,812,000 after buying an additional 37,796 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of SouthState by 4.9% in the third quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank’s stock worth $71,117,000 after buying an additional 34,194 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after buying an additional 25,495 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Down 0.9 %

SouthState stock opened at $94.63 on Thursday. The company has a 50-day simple moving average of $100.99 and a 200-day simple moving average of $100.83. The firm has a market capitalization of $9.59 billion, a P/E ratio of 13.60 and a beta of 0.70. 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 Co. has a one year low of $70.68 and a one year high of $114.26.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.28%. SouthState’s dividend payout ratio is presently 31.03%.

Insider Buying and Selling at SouthState

In other SouthState news, CAO Sara Arana sold 1,991 shares of the company’s stock in a transaction dated 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 sale, the chief accounting officer now directly 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the company’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 completion of the sale, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

SSB has been the subject of several recent research reports. Stephens reiterated an “overweight” rating and set a $130.00 target price on shares of SouthState in a research note on Friday, January 24th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. UBS Group initiated coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and boosted their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, SouthState has a consensus rating of “Moderate Buy” and an average target price of $115.44.

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.