Pinebridge Investments L.P. Boosts Stake in SouthState Co. (NASDAQ:SSB)

Pinebridge Investments L.P. raised its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 42.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,348 shares of the bank's stock after acquiring 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 hedge funds have also bought and sold shares of SSB. Norges Bank acquired a new stake in SouthState in the 4th quarter worth about $67,260,000. Capital Research Global Investors acquired a new position in SouthState in the 4th quarter valued at $60,311,000. Assenagon Asset Management S.A. purchased a new position in SouthState in the 4th quarter valued at $21,498,000. JPMorgan Chase & Co. boosted its stake in SouthState by 51.4% during the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock worth $61,569,000 after purchasing an additional 210,019 shares during the last quarter. Finally, Fisher Asset Management LLC grew 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 worth $84,703,000 after buying an additional 139,602 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Transactions at SouthState

In related news, CAO Sara Arana sold 1,991 shares of the company'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 transaction, the chief accounting officer now owns 4,787 shares of the company's stock, valued at $482,433.86. This represents a 29.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director G Stacy Smith bought 3,100 shares of SouthState stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, with a total value of $290,160.00. Following the acquisition, the director now owns 36,779 shares of the company's stock, valued at $3,442,514.40. This trade represents a 9.20 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company's stock.

SouthState Stock Performance

NASDAQ:SSB traded up $1.50 during trading hours on Friday, reaching $89.15. 147,889 shares of the company's stock were exchanged, compared to its average volume of 629,406. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The firm has a market capitalization of $9.04 billion, a price-to-earnings ratio of 12.82 and a beta of 0.65. The company has a 50-day moving average of $89.89 and a 200 day moving average of $98.57. 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 Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, May 9th will be issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, May 9th. SouthState's payout ratio is currently 34.12%.

Analyst Ratings Changes

A number of equities analysts have commented on SSB shares. Raymond James set a $110.00 target price on shares of SouthState in a research note on Monday. Barclays lowered their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Stephens reaffirmed an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research note on Monday. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and upped their price target for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, DA Davidson dropped their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $116.60.

About SouthState

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.