UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Increases Position in SouthState Co. (NASDAQ:SSB)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 3.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 275,027 shares of the bank's stock after buying an additional 9,449 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.36% of SouthState worth $27,360,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Summit Securities Group LLC bought a new position in shares of SouthState during the 4th quarter valued at $38,000. Aquatic Capital Management LLC bought a new stake in SouthState during the fourth quarter valued at approximately $45,000. Quadrant Capital Group LLC grew its position in 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 buying an additional 99 shares during the period. Headlands Technologies LLC bought a new stake in SouthState during the fourth quarter valued at approximately $102,000. Finally, Blue Trust Inc. grew its position in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock valued at $113,000 after buying an additional 167 shares during the period. 89.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SSB has been the subject of several recent research reports. Truist Financial began coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price for the company. Raymond James set a $110.00 target price on SouthState in a report on Monday, April 28th. Keefe, Bruyette & Woods decreased their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Jefferies Financial Group began coverage on SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Finally, DA Davidson decreased their target price on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. One investment 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. According to data from MarketBeat.com, SouthState presently has a consensus rating of "Buy" and a consensus price target of $116.27.

Insider Activity

In related 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 completion of the transaction, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. This trade represents a 29.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director G Stacy Smith purchased 3,100 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average price of $93.60 per share, with a total value of $290,160.00. Following the transaction, the director now owns 36,779 shares of the company's stock, valued at $3,442,514.40. This represents a 9.20% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company's stock.

SouthState Price Performance

Shares of SouthState stock traded down $0.70 during trading on Friday, reaching $88.17. 1,021,528 shares of the stock traded hands, compared to its average volume of 655,349. The company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 12.67 and a beta of 0.75. The business has a fifty day simple moving average of $87.82 and a two-hundred day simple moving average of $96.80. 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 Co. has a 52-week low of $70.68 and a 52-week high of $114.27.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given 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 2.45%. SouthState's payout ratio is 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.