Bank of America Corp DE Has $41.70 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Bank of America Corp DE cut its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 9.8% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 419,129 shares of the bank's stock after selling 45,359 shares during the period. Bank of America Corp DE owned 0.55% of SouthState worth $41,695,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Geode Capital Management LLC boosted its holdings in SouthState by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock valued at $192,531,000 after acquiring an additional 93,312 shares during the period. Northern Trust Corp grew its position in SouthState by 9.4% during the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock worth $110,598,000 after buying an additional 95,841 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in SouthState by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock valued at $103,448,000 after acquiring an additional 52,042 shares during the period. Fisher Asset Management LLC lifted its position in shares of SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after acquiring an additional 139,602 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in SouthState by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock valued at $83,812,000 after buying an additional 37,796 shares during the period. Institutional investors own 89.76% of the company's stock.

SouthState Stock Down 1.3%

SSB stock traded down $1.20 during mid-day trading on Wednesday, reaching $89.39. The company had a trading volume of 47,612 shares, compared to its average volume of 646,128. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a 50 day simple moving average of $88.63 and a two-hundred day simple moving average of $97.78. The company has a market capitalization of $9.07 billion, a price-to-earnings ratio of 12.86 and a beta of 0.75.

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 issued a $0.54 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.42%. SouthState's payout ratio is 34.12%.

Insider Activity at SouthState

In related news, CAO Sara Arana sold 1,991 shares of SouthState stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the sale, the chief accounting officer now owns 4,787 shares of the company's stock, valued at approximately $482,433.86. The trade was a 29.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director G Stacy Smith acquired 3,100 shares of the business's stock in a transaction on Thursday, March 6th. The shares were bought 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 directly owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. The trade was a 9.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SSB has been the topic of several recent analyst reports. Jefferies Financial Group began coverage on shares of SouthState in a research note on Wednesday. They issued a "buy" rating and a $110.00 target price on the stock. Stephens reissued an "overweight" rating and set a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Barclays lowered their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and upped their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Raymond James set a $110.00 price objective on SouthState in a research note on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average target price 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.