Vest Financial LLC purchased a new stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 34,463 shares of the bank's stock, valued at approximately $3,199,000.
A number of other hedge funds also recently bought and sold shares of SSB. Westwood Holdings Group Inc. increased its position in SouthState by 2,221.8% during the fourth quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock valued at $72,356,000 after acquiring an additional 696,014 shares during the last quarter. Norges Bank bought a new position in SouthState during the 4th quarter worth about $67,260,000. Capital Research Global Investors purchased a new stake in shares of SouthState during the fourth quarter valued at about $60,311,000. JPMorgan Chase & Co. lifted its position in shares of SouthState by 51.4% during the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock valued at $61,569,000 after buying an additional 210,019 shares during the last quarter. Finally, Fisher Asset Management LLC lifted its position in shares of SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after buying an additional 139,602 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.
Analysts Set New Price Targets
Several brokerages recently commented on SSB. Stephens reaffirmed an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. Barclays decreased their price objective 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. Keefe, Bruyette & Woods decreased their price objective 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. Raymond James set a $110.00 price objective on shares of SouthState in a research report on Monday, April 28th. Finally, DA Davidson decreased their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, SouthState has a consensus rating of "Buy" and an average target price of $116.27.
Check Out Our Latest Stock Report on SSB
SouthState Stock Performance
Shares of NASDAQ:SSB traded up $2.35 during trading on Friday, hitting $89.68. 510,080 shares of the stock traded hands, compared to its average volume of 656,558. 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 $9.10 billion, a price-to-earnings ratio of 12.89 and a beta of 0.77. The company has a fifty day moving average price of $87.32 and a two-hundred day moving average price of $96.26. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.27.
SouthState Announces Dividend
The company also recently announced 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. This represents a $2.16 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is 34.12%.
Insider Activity
In related news, Director Janet P. Froetscher purchased 2,717 shares of the business's stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average price of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now owns 4,689 shares in the company, valued at $431,481.78. The trade was a 137.78% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.70% of the company's stock.
SouthState Company Profile
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Free Report)
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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