Westwood Holdings Group Inc. Acquires 696,014 Shares of SouthState Co. (NASDAQ:SSB)

Westwood Holdings Group Inc. raised its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 2,221.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 727,341 shares of the bank's stock after acquiring an additional 696,014 shares during the quarter. Westwood Holdings Group Inc. owned about 0.95% of SouthState worth $72,356,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in SSB. Norges Bank acquired a new position in shares of SouthState during the fourth quarter valued at about $67,260,000. Capital Research Global Investors acquired a new position in shares of SouthState during the fourth quarter valued at about $60,311,000. JPMorgan Chase & Co. raised its holdings 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 purchasing an additional 210,019 shares during the period. Fisher Asset Management LLC raised its holdings 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 purchasing an additional 139,602 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of SouthState during the fourth quarter valued at about $11,818,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Insider Buying and Selling

In related news, Director Janet P. Froetscher acquired 2,717 shares of the company's stock in a transaction dated Monday, March 10th. The stock was bought at an average cost of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now owns 4,689 shares of the company's stock, valued at approximately $431,481.78. The trade was a 137.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Stacy Smith purchased 3,100 shares of the company's stock in a transaction 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 owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. The trade was a 9.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is owned by insiders.

SouthState Stock Down 0.4%

NASDAQ:SSB traded down $0.32 on Friday, hitting $87.60. The stock had a trading volume of 1,017,808 shares, compared to its average volume of 651,221. 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 cap of $8.89 billion, a P/E ratio of 12.59 and a beta of 0.75. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The firm's fifty day simple moving average is $88.36 and its two-hundred day simple moving average is $97.59.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Keefe, Bruyette & Woods dropped their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Stephens reiterated an "overweight" rating and set a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Raymond James set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. Barclays lowered their target price on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Truist Financial began coverage on shares of SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price on the stock. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock 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.