SouthState Co. (NASDAQ:SSB) Stock Position Raised by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lifted its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 5.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 773,843 shares of the bank's stock after acquiring an additional 42,041 shares during the quarter. The Manufacturers Life Insurance Company owned 1.01% of SouthState worth $76,982,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of SSB. Summit Securities Group LLC acquired a new stake in SouthState during the fourth quarter worth approximately $38,000. Aquatic Capital Management LLC purchased a new position in SouthState during the 4th quarter worth $45,000. Quadrant Capital Group LLC lifted its position in SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares during the period. Headlands Technologies LLC acquired a new stake in shares of SouthState in the 4th quarter valued at approximately $102,000. Finally, Blue Trust Inc. lifted 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 acquiring an additional 167 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on SSB shares. Stephens reissued an "overweight" rating and set a $119.00 price target on shares of SouthState in a research note on Monday. Raymond James set a $110.00 price objective on SouthState in a research report on Monday. 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 report on Monday. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Barclays reduced their target price on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, SouthState presently has an average rating of "Moderate Buy" and a consensus price target of $116.60.

SouthState Stock Up 2.0 %

NASDAQ:SSB traded up $1.72 on Friday, reaching $89.37. The stock had a trading volume of 500,475 shares, compared to its average volume of 631,945. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The stock has a market cap of $9.06 billion, a P/E ratio of 12.84 and a beta of 0.65. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a 50-day moving average of $89.68 and a 200 day moving average of $98.48.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, May 9th will be paid a dividend of $0.54 per share. The ex-dividend date is Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.42%. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Insiders Place Their Bets

In related news, Director G Stacy Smith purchased 3,100 shares of SouthState stock in a transaction dated Thursday, March 6th. The shares were acquired at an average price 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 approximately $3,442,514.40. This trade represents a 9.20 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the sale, the chief accounting officer now directly owns 4,787 shares of the company's stock, valued at approximately $482,433.86. This represents a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

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.