Barclays PLC Sells 3,997 Shares of SouthState Co. (NASDAQ:SSB)

Barclays PLC lowered its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 1.9% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 211,970 shares of the bank's stock after selling 3,997 shares during the quarter. Barclays PLC owned approximately 0.28% of SouthState worth $21,087,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SSB. Summit Securities Group LLC bought a new stake in shares of SouthState during the fourth quarter worth approximately $38,000. Quadrant Capital Group LLC boosted its holdings in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after buying an additional 99 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of SouthState during the 4th quarter worth about $102,000. Blue Trust Inc. increased its stake in shares of SouthState by 16.8% in the 4th 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 last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of SouthState in the 4th quarter valued at approximately $137,000. Institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on SSB shares. Barclays cut 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. Stephens reaffirmed an "overweight" rating and set a $130.00 price objective on shares of SouthState in a research note on Friday, March 7th. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and boosted their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, Raymond James raised SouthState from an "outperform" rating to a "strong-buy" rating and dropped their price target for the stock from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, SouthState has an average rating of "Moderate Buy" and an average price target of $117.90.

SouthState Stock Down 3.1 %

NASDAQ SSB traded down $2.79 during trading on Friday, hitting $86.96. The stock had a trading volume of 599,800 shares, compared to its average volume of 623,205. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. 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 company's 50-day moving average price is $91.25 and its two-hundred day moving average price is $98.91. The company has a market capitalization of $8.81 billion, a PE ratio of 12.49 and a beta of 0.65.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, May 9th will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.48%. SouthState's dividend payout ratio is presently 31.03%.

Insider Buying and Selling

In related news, Director Janet P. Froetscher purchased 2,717 shares of SouthState stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the transaction, the director now owns 4,689 shares of the company's stock, valued at approximately $431,481.78. This trade represents a 137.78 % 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, Director G Stacy Smith purchased 3,100 shares of the stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now directly owns 36,779 shares in the company, 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 corporate 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.