Ameriprise Financial Inc. Sells 11,044 Shares of SouthState Co. (NASDAQ:SSB)

Ameriprise Financial Inc. cut its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 9.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 103,805 shares of the bank's stock after selling 11,044 shares during the quarter. Ameriprise Financial Inc. owned 0.14% of SouthState worth $10,327,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of SSB. Summit Securities Group LLC purchased a new stake in shares of SouthState during the 4th quarter worth about $38,000. Aquatic Capital Management LLC acquired a new stake in SouthState in the 4th quarter valued at approximately $45,000. Quadrant Capital Group LLC raised its stake in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of SouthState in the fourth quarter valued at about $102,000. Finally, Blue Trust Inc. lifted its position in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after acquiring an additional 167 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Price Performance

SSB stock traded down $0.32 during midday trading on Friday, reaching $87.60. 1,017,808 shares of the company's stock traded hands, compared to its average volume of 651,828. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market cap of $8.89 billion, a price-to-earnings ratio of 12.59 and a beta of 0.75. The company has a 50-day simple moving average of $88.36 and a two-hundred day simple moving average of $97.42. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27.

SouthState Announces Dividend

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

Insider Buying and Selling

In other news, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction on Monday, March 3rd. The stock was 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 of the company's stock, valued at $482,433.86. This represents a 29.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director G Stacy Smith acquired 3,100 shares of the company'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 acquisition, 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 position. The disclosure for this purchase can be found here. 1.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on SSB shares. Raymond James set a $110.00 price objective on shares of SouthState in a research note on Monday, April 28th. Stephens restated an "overweight" rating and set a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and upped their price objective for the company from $106.00 to $128.00 in a research note on Monday, January 27th. DA Davidson dropped their target price on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Finally, Keefe, Bruyette & Woods decreased their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $116.27.

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.