SouthState Co. (NASDAQ:SSB) Position Decreased by Ameriprise Financial Inc.

Ameriprise Financial Inc. reduced its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 9.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor 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 have also added to or reduced their stakes in the business. Summit Securities Group LLC bought a new position in shares of SouthState in the fourth quarter valued at $38,000. Aquatic Capital Management LLC acquired a new stake in shares of SouthState during the fourth quarter worth $45,000. Quadrant Capital Group LLC lifted its holdings in shares of SouthState by 24.2% during the fourth 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 acquired a new position in shares of SouthState in the 4th quarter valued at $102,000. Finally, Blue Trust Inc. increased its stake in 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 purchasing an additional 167 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $91.47 on Tuesday. The firm has a market cap of $9.28 billion, a price-to-earnings ratio of 13.14 and a beta of 0.75. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $88.61 and a 200 day simple moving average of $97.83.

SouthState Announces Dividend

The firm 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. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.36%. SouthState's dividend payout ratio is currently 34.12%.

Insider Activity at SouthState

In other news, Director Janet P. Froetscher purchased 2,717 shares of the company's stock in a transaction dated 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 directly owns 4,689 shares in the company, valued at $431,481.78. This trade represents a 137.78% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Stacy Smith acquired 3,100 shares of the firm's stock in a transaction that occurred 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 owns 36,779 shares in the company, valued at $3,442,514.40. This trade represents a 9.20% increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on SSB shares. Raymond James set a $110.00 price objective on shares of SouthState in a research note on Monday, April 28th. Barclays reduced 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. Truist Financial assumed coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective on the stock. Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Finally, DA Davidson decreased their target price on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. One 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. Based on data from MarketBeat.com, SouthState has an average rating of "Buy" and a consensus price target of $116.90.

SouthState Company 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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