SouthState Co. (NASDAQ:SSB) Shares Purchased by Janus Henderson Group PLC

Janus Henderson Group PLC lifted its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 53.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 51,805 shares of the bank's stock after purchasing an additional 17,981 shares during the period. Janus Henderson Group PLC owned about 0.07% of SouthState worth $5,154,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Quadrant Capital Group LLC grew its holdings in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after acquiring an additional 99 shares in the last quarter. Louisiana State Employees Retirement System grew its holdings in 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 acquiring an additional 100 shares in the last quarter. 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 worth $949,000 after acquiring an additional 112 shares in the last quarter. Bragg Financial Advisors Inc grew its holdings in SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock worth $276,000 after acquiring an additional 115 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after acquiring an additional 126 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Price Performance

Shares of NASDAQ:SSB traded down $0.32 during midday trading on Friday, hitting $87.60. The company's stock had a trading volume of 1,017,808 shares, compared to its average volume of 651,828. 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 business's 50 day simple moving average is $88.36 and its 200 day simple moving average is $97.50. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company has a market cap of $8.89 billion, a P/E ratio of 12.59 and a beta of 0.75.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio is presently 34.12%.

Analysts Set New Price Targets

SSB has been the subject of several analyst reports. Truist Financial initiated coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target for the company. Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and increased their price target for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Jefferies Financial Group initiated coverage on shares of SouthState in a research report on Wednesday. They set a "buy" rating and a $110.00 price target for the company. 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 report on Tuesday, April 8th. Finally, 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 report on Tuesday, May 6th. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $116.27.

Insider Buying and Selling at SouthState

In related news, Director G Stacy Smith purchased 3,100 shares of the company's stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the transaction, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. The trade was a 9.20% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, Director Janet P. Froetscher purchased 2,717 shares of the company's stock in a transaction on Monday, March 10th. The shares were bought at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the transaction, the director now owns 4,689 shares of the company's stock, valued at approximately $431,481.78. The trade was a 137.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company's stock.

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.