Nuveen Asset Management LLC Reduces Stock Position in SouthState Co. (NASDAQ:SSB)

Nuveen Asset Management LLC lowered its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 0.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 656,517 shares of the bank's stock after selling 4,327 shares during the quarter. Nuveen Asset Management LLC owned 0.86% of SouthState worth $65,310,000 as of its most recent SEC filing.

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

Insider Activity

In other news, CAO Sara Arana sold 1,991 shares of the 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 directly owns 4,787 shares of the company's stock, valued at approximately $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 accessible through the SEC website. Also, Director G Stacy Smith acquired 3,100 shares of the business's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the acquisition, the director now directly owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. This trade represents a 9.20% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company's stock.

SouthState Trading Up 0.3%

Shares of NASDAQ:SSB opened at $91.30 on Monday. The business's 50-day moving average is $88.58 and its 200 day moving average is $97.87. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The firm has a market capitalization of $9.27 billion, a P/E ratio of 13.12 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Dividend Announcement

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

Analyst Ratings Changes

SSB has been the subject of several recent research reports. Barclays reduced their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Truist Financial initiated coverage on SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target for the company. DA Davidson reduced their price target on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Stephens reissued an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research report on Monday, April 28th. Finally, Raymond James set a $110.00 price target on SouthState in a research report on Monday, April 28th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $116.90.

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.

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