SouthState Co. (NASDAQ:SSB) Shares Sold by Comerica Bank

Comerica Bank lowered its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 8.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 44,105 shares of the bank's stock after selling 4,220 shares during the period. Comerica Bank owned approximately 0.06% of SouthState worth $4,388,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Summit Securities Group LLC purchased a new position in SouthState in the 4th quarter valued at approximately $38,000. Aquatic Capital Management LLC acquired a new stake in SouthState in the 4th quarter valued at about $45,000. Quadrant Capital Group LLC boosted its stake in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after buying an additional 99 shares during the period. Headlands Technologies LLC acquired a new position in shares of SouthState during the fourth quarter worth about $102,000. Finally, Blue Trust Inc. increased its stake in shares of SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after buying an additional 167 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Raymond James set a $110.00 price objective on shares of SouthState in a report on Monday, April 28th. Barclays cut their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Stephens reiterated an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. DA Davidson reduced their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Finally, Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and increased their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, SouthState has an average rating of "Moderate Buy" and a consensus target price of $116.60.

Insiders Place Their Bets

In related news, Director G Stacy Smith acquired 3,100 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The shares were purchased at an average price of $93.60 per share, with a total value of $290,160.00. Following the completion of the acquisition, the director now owns 36,779 shares in the company, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares of the company's stock, valued at approximately $482,433.86. This trade represents a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

SouthState Stock Performance

Shares of NASDAQ:SSB traded down $1.00 during midday trading on Friday, hitting $88.70. The stock had a trading volume of 649,959 shares, compared to its average volume of 638,720. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a 50 day moving average price of $88.66 and a two-hundred day moving average price of $98.09. The company has a market capitalization of $8.99 billion, a PE ratio of 12.74 and a beta of 0.75.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, May 9th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Friday, May 9th. SouthState's dividend payout ratio is presently 34.12%.

SouthState Company 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.