Stifel Financial Corp Sells 3,982 Shares of SouthState Co. (NASDAQ:SSB)

Stifel Financial Corp reduced its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 6.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 59,591 shares of the bank's stock after selling 3,982 shares during the period. Stifel Financial Corp owned about 0.08% of SouthState worth $5,928,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Norges Bank bought a new position in shares of SouthState in the fourth quarter valued at $67,260,000. Capital Research Global Investors bought a new position in shares of SouthState in the 4th quarter valued at about $60,311,000. Assenagon Asset Management S.A. bought a new stake in shares of SouthState in the 4th quarter valued at about $21,498,000. JPMorgan Chase & Co. lifted its stake in SouthState by 51.4% in the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock valued at $61,569,000 after purchasing an additional 210,019 shares during the last quarter. Finally, Fisher Asset Management LLC increased its position in SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after buying an additional 139,602 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SouthState

In other news, Director G Stacy Smith acquired 3,100 shares of SouthState stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following 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 position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the 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 transaction, the chief accounting officer now owns 4,787 shares of the company's stock, valued at $482,433.86. This represents a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.70% of the company's stock.

SouthState Price Performance

SSB stock traded up $0.82 during mid-day trading on Monday, hitting $90.20. The stock had a trading volume of 102,588 shares, compared to its average volume of 631,251. The firm has a fifty day simple moving average of $89.68 and a 200 day simple moving average of $98.43. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. 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 firm has a market capitalization of $9.14 billion, a P/E ratio of 12.96 and a beta of 0.65.

SouthState Dividend Announcement

The firm also recently announced 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. This represents a $2.16 annualized dividend and a yield of 2.39%. The ex-dividend date is Friday, May 9th. SouthState's payout ratio is presently 34.12%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SSB. Stephens reiterated an "overweight" rating and set a $119.00 target price on shares of SouthState in a research note on Monday, April 28th. Barclays decreased their price objective 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. DA Davidson reduced their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Raymond James set a $110.00 price target on shares of SouthState in a report on Monday, April 28th. Finally, Citigroup raised 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. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $116.60.

SouthState Company Profile

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.