Deutsche Bank AG Acquires 21,114 Shares of SouthState Co. (NASDAQ:SSB)

Deutsche Bank AG increased its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 33.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 84,133 shares of the bank's stock after purchasing an additional 21,114 shares during the quarter. Deutsche Bank AG owned approximately 0.11% of SouthState worth $8,370,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after acquiring an additional 93,312 shares during the last quarter. Northern Trust Corp raised its stake in shares of SouthState by 9.4% during the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock valued at $110,598,000 after acquiring an additional 95,841 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of SouthState by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock valued at $103,448,000 after acquiring an additional 52,042 shares during the last quarter. Fisher Asset Management LLC raised its stake in shares of SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after acquiring an additional 139,602 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of SouthState by 4.7% during the fourth quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock valued at $83,812,000 after buying an additional 37,796 shares during the period. Institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SSB shares. DA Davidson decreased their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Stephens reissued an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Barclays decreased their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods decreased their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Finally, Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. One investment analyst has rated the stock with a hold rating, seven have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $116.90.

Insider Activity

In related news, CAO Sara Arana sold 1,991 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the transaction, the chief accounting officer now owns 4,787 shares in the company, valued at $482,433.86. This represents a 29.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were bought at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the transaction, the director now owns 4,689 shares of the company's stock, valued at $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. Corporate insiders own 1.70% of the company's stock.

SouthState Stock Down 0.9%

Shares of NASDAQ:SSB traded down $0.85 during trading on Tuesday, reaching $90.57. 542,095 shares of the stock traded hands, compared to its average volume of 651,261. The stock has a 50-day moving average of $88.61 and a two-hundred day moving average of $97.83. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.27. 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 stock has a market cap of $9.19 billion, a P/E ratio of 13.01 and a beta of 0.75.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Friday, May 9th. SouthState's payout ratio is 34.12%.

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.