Wellington Management Group LLP Decreases Stock Holdings in SouthState Co. (NASDAQ:SSB)

Wellington Management Group LLP trimmed its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 19.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 937,772 shares of the bank's stock after selling 233,516 shares during the period. Wellington Management Group LLP owned about 0.93% of SouthState worth $93,290,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Summit Securities Group LLC purchased a new position in shares of SouthState in the fourth quarter valued at about $38,000. Aquatic Capital Management LLC purchased a new position in SouthState during the 4th quarter valued at $45,000. Quadrant Capital Group LLC increased its position 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 buying an additional 99 shares during the period. Headlands Technologies LLC purchased a new position in shares of SouthState during the fourth quarter valued at about $102,000. Finally, Blue Trust Inc. increased its position in shares of 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 hedge funds and other institutional investors.

SouthState Price Performance

NASDAQ:SSB traded down $0.70 during trading hours on Friday, hitting $88.17. 1,021,528 shares of the stock traded hands, compared to its average volume of 654,873. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The stock has a 50 day moving average price of $87.82 and a 200 day moving average price of $96.87. The company has a market cap of $8.95 billion, a price-to-earnings ratio of 12.67 and a beta of 0.75.

SouthState Dividend Announcement

The company also recently announced 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. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is 34.12%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SSB shares. Barclays reduced their target price on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Stephens reissued an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research note on Monday, April 28th. DA Davidson cut their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Truist Financial started 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. Finally, Raymond James set a $110.00 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 company. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $116.27.

Insider Activity

In related news, Director G Stacy Smith purchased 3,100 shares of the firm's stock in a transaction on Thursday, March 6th. The shares were acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the purchase, the director now directly owns 36,779 shares in the company, valued at $3,442,514.40. This trade represents a 9.20% 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. Also, CAO Sara Arana sold 1,991 shares of the business'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 completion of the sale, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. The trade was a 29.37% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

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.