Wellington Management Group LLP Has $93.29 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Wellington Management Group LLP cut its position in SouthState Co. (NASDAQ:SSB - Free Report) by 19.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 937,772 shares of the bank's stock after selling 233,516 shares during the quarter. Wellington Management Group LLP owned approximately 0.93% of SouthState worth $93,290,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Summit Securities Group LLC purchased a new stake in SouthState in the 4th quarter worth approximately $38,000. Aquatic Capital Management LLC acquired a new stake in shares of SouthState in the fourth quarter valued at approximately $45,000. Quadrant Capital Group LLC raised its holdings in shares of SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after acquiring an additional 99 shares during the period. Headlands Technologies LLC purchased a new position in shares of SouthState during the 4th quarter worth $102,000. Finally, Blue Trust Inc. raised its holdings in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after acquiring an additional 167 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Janet P. Froetscher bought 2,717 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the purchase, the director now directly owns 4,689 shares of the company's stock, valued at $431,481.78. This represents a 137.78% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director G Stacy Smith bought 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 purchase, the director now directly owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. This represents a 9.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company's stock.

Analyst Ratings Changes

SSB has been the topic of several research reports. Raymond James set a $110.00 target price on SouthState in a research note on Monday, April 28th. Barclays dropped their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Truist Financial assumed coverage on SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price on the stock. Jefferies Financial Group began coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target on the stock. Finally, DA Davidson reduced their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $116.27.

SouthState Stock Performance

NASDAQ:SSB traded down $0.73 during midday trading on Monday, reaching $87.07. 738,977 shares of the company traded hands, compared to its average volume of 655,683. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The firm has a market capitalization of $8.84 billion, a price-to-earnings ratio of 12.51 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The company has a fifty day moving average price of $87.68 and a 200 day moving average price of $96.60.

SouthState Dividend Announcement

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. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.48%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio (DPR) is 34.12%.

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.