Janus Henderson Group PLC Acquires 17,981 Shares of SouthState Co. (NASDAQ:SSB)

Janus Henderson Group PLC raised its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 53.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 51,805 shares of the bank's stock after purchasing an additional 17,981 shares during the quarter. Janus Henderson Group PLC owned 0.07% of SouthState worth $5,154,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Quadrant Capital Group LLC boosted its stake in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after buying an additional 99 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of SouthState by 0.5% during the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock worth $2,109,000 after purchasing an additional 100 shares during the period. Commonwealth Equity Services LLC grew its holdings in SouthState by 1.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after purchasing an additional 112 shares during the last quarter. Bragg Financial Advisors Inc raised its position in SouthState by 4.3% in the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock worth $276,000 after purchasing an additional 115 shares during the period. Finally, CIBC Asset Management Inc lifted its stake in 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 during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Activity at SouthState

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

SouthState Trading Up 0.3%

NASDAQ SSB opened at $91.30 on Monday. SouthState Co. has a one year low of $70.68 and a one year 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 company has a market capitalization of $9.27 billion, a price-to-earnings ratio of 13.12 and a beta of 0.75. The company's 50-day simple moving average is $88.58 and its two-hundred day simple moving average is $97.87.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.37%. SouthState's dividend payout ratio is presently 34.12%.

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.

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