Pinebridge Investments L.P. Grows Stock Position in SouthState Co. (NASDAQ:SSB)

Pinebridge Investments L.P. increased its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 42.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,348 shares of the bank's stock after purchasing an additional 8,781 shares during the quarter. Pinebridge Investments L.P.'s holdings in SouthState were worth $2,920,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Summit Securities Group LLC acquired a new position in shares of SouthState during the fourth quarter worth $38,000. Quadrant Capital Group LLC raised its position in 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 purchasing an additional 99 shares during the last quarter. Headlands Technologies LLC acquired a new position in SouthState during the 4th quarter worth about $102,000. Blue Trust Inc. grew its position 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 buying an additional 167 shares during the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in shares of SouthState in the 4th quarter valued at about $137,000. Institutional investors own 89.76% of the company's stock.

SouthState Stock Down 0.8 %

Shares of NASDAQ SSB traded down $0.72 during mid-day trading on Wednesday, reaching $86.94. 620,890 shares of the company's stock traded hands, compared to its average volume of 630,030. 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 business has a 50-day simple moving average of $90.35 and a 200 day simple moving average of $98.74. The stock has a market cap of $8.81 billion, a P/E ratio of 12.49 and a beta of 0.65. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Friday, May 9th will be given a dividend of $0.54 per share. The ex-dividend date is Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.48%. SouthState's payout ratio is 34.12%.

Analyst Ratings Changes

A number of research firms have weighed in on SSB. DA Davidson decreased their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday. Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday. Raymond James set a $110.00 price target on SouthState in a report on Monday. Barclays dropped their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Finally, Citigroup raised SouthState from a "neutral" rating to a "buy" rating and raised their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $116.60.

Insiders Place Their Bets

In other SouthState news, Director G Stacy Smith purchased 3,100 shares of the firm's stock in a transaction that occurred on Thursday, March 6th. The stock was bought at an average cost of $93.60 per share, with a total value of $290,160.00. Following the completion of the transaction, the director now owns 36,779 shares of the company's stock, valued at $3,442,514.40. The trade was a 9.20 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Janet P. Froetscher acquired 2,717 shares of the business's stock in a transaction on Monday, March 10th. The stock was acquired 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 approximately $431,481.78. The trade was a 137.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.70% of the company's stock.

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.