Silvercrest Asset Management Group LLC Has $65.47 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Silvercrest Asset Management Group LLC cut its position in SouthState Co. (NASDAQ:SSB - Free Report) by 6.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 658,166 shares of the bank's stock after selling 42,292 shares during the quarter. Silvercrest Asset Management Group LLC owned 0.86% of SouthState worth $65,474,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new stake in shares of SouthState during the fourth quarter worth approximately $38,000. Aquatic Capital Management LLC bought a new stake in shares of SouthState in the 4th quarter worth about $45,000. Quadrant Capital Group LLC raised its stake in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares in the last quarter. Headlands Technologies LLC acquired a new position in SouthState in the fourth quarter worth about $102,000. Finally, Blue Trust Inc. increased its holdings in SouthState by 16.8% in the fourth 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. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Price Performance

NASDAQ SSB traded down $1.95 on Wednesday, reaching $88.63. The company's stock had a trading volume of 256,015 shares, compared to its average volume of 646,900. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The stock has a market cap of $9.00 billion, a PE ratio of 12.74 and a beta of 0.75. 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 firm's 50 day moving average is $88.63 and its two-hundred day moving average is $97.78.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio (DPR) is currently 34.12%.

Insider Activity

In other news, Director Janet P. Froetscher purchased 2,717 shares of SouthState stock in a transaction dated 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 acquisition, the director now directly owns 4,689 shares in the company, valued at $431,481.78. This represents a 137.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the 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 in the company, valued at approximately $482,433.86. This trade represents a 29.37% decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on SSB shares. Jefferies Financial Group started coverage on shares of SouthState in a report on Wednesday. They issued a "buy" rating and a $110.00 price target for the company. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Raymond James set a $110.00 target price on SouthState in a research report on Monday, April 28th. Truist Financial started coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target for the company. Finally, Barclays reduced 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. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $116.27.

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.