Hsbc Holdings PLC Raises Position in SouthState Co. (NASDAQ:SSB)

Hsbc Holdings PLC raised its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 384.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,706 shares of the bank's stock after buying an additional 26,755 shares during the period. Hsbc Holdings PLC's holdings in SouthState were worth $3,387,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSB. Geode Capital Management LLC increased its holdings in SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock valued at $192,531,000 after purchasing an additional 93,312 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of SouthState by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock valued at $103,448,000 after buying an additional 52,042 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 acquiring an additional 139,602 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in SouthState by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock worth $83,812,000 after acquiring an additional 37,796 shares during the period. Finally, Norges Bank bought a new stake in SouthState in the fourth quarter valued at $67,260,000. 89.76% of the stock is owned by institutional investors.

SouthState Price Performance

SSB opened at $87.68 on Wednesday. The firm has a market cap of $8.89 billion, a PE ratio of 12.60 and a beta of 0.65. The stock has a 50-day moving average price of $90.35 and a 200-day moving average price of $98.74. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, May 9th will be paid a $0.54 dividend. The ex-dividend date is Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.46%. SouthState's dividend payout ratio is presently 34.12%.

Insider Activity

In related news, Director Janet P. Froetscher purchased 2,717 shares of the company's stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now directly owns 4,689 shares in the company, valued at $431,481.78. The trade was a 137.78 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the transaction, the chief accounting officer now directly owns 4,787 shares of the company's stock, valued at $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. 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 report on Tuesday, April 8th. DA Davidson lowered 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. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and upped their target price for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research note on Monday. Finally, Raymond James set a $110.00 price target on SouthState in a research note on Monday. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, SouthState has a consensus rating of "Moderate Buy" and an average target price of $116.60.

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.

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