SouthState Co. (NASDAQ:SSB) Shares Sold by Rafferty Asset Management LLC

Rafferty Asset Management LLC cut its position in SouthState Co. (NASDAQ:SSB - Free Report) by 10.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,598 shares of the bank's stock after selling 11,350 shares during the period. Rafferty Asset Management LLC owned 0.13% of SouthState worth $10,007,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Wedmont Private Capital increased its holdings in SouthState by 16.3% in the fourth quarter. Wedmont Private Capital now owns 2,786 shares of the bank's stock valued at $258,000 after buying an additional 391 shares during the last quarter. Fifth Third Wealth Advisors LLC boosted its position in shares of SouthState by 46.6% during the 4th quarter. Fifth Third Wealth Advisors LLC now owns 3,342 shares of the bank's stock worth $332,000 after acquiring an additional 1,063 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of SouthState in the 4th quarter valued at about $21,498,000. HB Wealth Management LLC increased its holdings in shares of SouthState by 2.4% in the 4th quarter. HB Wealth Management LLC now owns 16,163 shares of the bank's stock valued at $1,608,000 after acquiring an additional 384 shares during the last quarter. Finally, Liberty One Investment Management LLC acquired a new stake in shares of SouthState during the 4th quarter worth about $799,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Performance

NASDAQ:SSB traded up $0.36 during trading hours on Thursday, reaching $88.25. 216,426 shares of the company's stock were exchanged, compared to its average volume of 646,561. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $8.96 billion, a price-to-earnings ratio of 12.68 and a beta of 0.75. The company has a 50-day moving average of $88.56 and a 200 day moving average of $97.71.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.45%. SouthState's dividend payout ratio (DPR) is 34.12%.

Insider Transactions at SouthState

In other news, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction dated Monday, March 10th. The stock was bought at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the business's stock in a transaction dated 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 in the company, valued at approximately $482,433.86. This trade represents a 29.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. DA Davidson lowered their price target on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reaffirmed an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research report on Monday, April 28th. Truist Financial started coverage on shares of SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target on the stock. Finally, Jefferies Financial Group began coverage on shares of SouthState in a research report on Wednesday. They issued a "buy" rating and a $110.00 price target for the company. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus 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.