Wealth Enhancement Advisory Services LLC Increases Stake in SouthState Co. (NASDAQ:SSB)

Wealth Enhancement Advisory Services LLC lifted its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 48.7% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 29,314 shares of the bank's stock after acquiring an additional 9,594 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in SouthState were worth $2,916,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. boosted its stake in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock valued at $113,000 after purchasing an additional 167 shares in the last quarter. Caprock Group LLC boosted its stake in shares of SouthState by 5.8% in the 4th quarter. Caprock Group LLC now owns 2,567 shares of the bank's stock valued at $255,000 after purchasing an additional 140 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of SouthState in the 4th quarter valued at approximately $3,769,000. Stonebridge Financial Group LLC acquired a new stake in shares of SouthState in the 4th quarter valued at approximately $137,000. Finally, Louisiana State Employees Retirement System boosted its stake in shares of SouthState by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock valued at $2,109,000 after purchasing an additional 100 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Down 0.3%

Shares of SSB traded down $0.22 during trading hours on Thursday, hitting $87.31. The company had a trading volume of 526,956 shares, compared to its average volume of 656,169. The firm has a fifty day moving average price of $87.38 and a 200-day moving average price of $96.36. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $8.86 billion, a price-to-earnings ratio of 12.54 and a beta of 0.75. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.27.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend 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 (DPR) is presently 34.12%.

Insider Activity at SouthState

In other news, Director Janet P. Froetscher bought 2,717 shares of the stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the transaction, the director now owns 4,689 shares of the company's stock, valued at $431,481.78. The trade was a 137.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on SSB. Truist Financial began coverage on shares of SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective for the company. DA Davidson dropped their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Barclays dropped their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Keefe, Bruyette & Woods dropped their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Finally, Stephens restated an "overweight" rating and set a $119.00 price target on shares of SouthState in a report on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $116.27.

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.