Silvercrest Asset Management Group LLC Sells 42,292 Shares of SouthState Co. (NASDAQ:SSB)

Silvercrest Asset Management Group LLC lowered its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 6.0% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 658,166 shares of the bank's stock after selling 42,292 shares during the period. Silvercrest Asset Management Group LLC owned approximately 0.86% of SouthState worth $65,474,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its stake in SouthState by 5.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock worth $76,982,000 after buying an additional 42,041 shares in the last quarter. Capital Research Global Investors acquired a new stake in shares of SouthState during the 4th quarter worth approximately $60,311,000. HighTower Advisors LLC increased its stake in SouthState by 33.4% in the fourth quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock valued at $1,480,000 after acquiring an additional 3,724 shares during the last quarter. Natixis Advisors LLC raised its position in SouthState by 74.4% during the fourth quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock valued at $3,631,000 after purchasing an additional 15,573 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in SouthState during the fourth quarter valued at approximately $5,682,000. Institutional investors own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SSB shares. Keefe, Bruyette & Woods decreased their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and lifted their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Truist Financial started coverage on shares of SouthState in a report on Tuesday. They issued a "buy" rating and a $106.00 target price for the company. DA Davidson reduced their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Finally, Raymond James set a $110.00 price target on shares of SouthState in a report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, SouthState currently has a consensus rating of "Buy" and an average target price of $116.90.

Insiders Place Their Bets

In other SouthState news, Director G Stacy Smith acquired 3,100 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were bought at an average cost of $93.60 per share, with a total value of $290,160.00. Following the purchase, the director now directly owns 36,779 shares of the company's stock, valued at $3,442,514.40. This trade represents a 9.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Janet P. Froetscher bought 2,717 shares of the business's stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the transaction, the director now 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 disclosure for this purchase can be found here. Company insiders own 1.70% of the company's stock.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $90.92 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. The firm has a market cap of $9.23 billion, a PE ratio of 13.06 and a beta of 0.75. The firm's fifty day moving average is $88.57 and its 200-day moving average is $97.93.

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. This represents a $2.16 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, May 9th. SouthState's dividend payout ratio is currently 34.12%.

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.

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