T. Rowe Price Investment Management Inc. Decreases Stock Position in SouthState Co. (NASDAQ:SSB)

T. Rowe Price Investment Management Inc. decreased its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 1.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,467,570 shares of the bank's stock after selling 57,179 shares during the quarter. T. Rowe Price Investment Management Inc. owned about 4.55% of SouthState worth $344,954,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SSB. Summit Securities Group LLC bought a new position in SouthState in the fourth quarter valued at approximately $38,000. Quadrant Capital Group LLC lifted its position in shares of SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after purchasing an additional 99 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of SouthState in the fourth quarter worth $102,000. Blue Trust Inc. lifted its position in shares of SouthState by 16.8% in the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after purchasing an additional 167 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in shares of SouthState in the fourth quarter worth $137,000. Institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

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

SouthState Price Performance

SSB traded down $0.34 during trading on Tuesday, hitting $87.15. 258,348 shares of the stock traded hands, compared to its average volume of 627,108. The business has a 50 day moving average price of $90.63 and a 200 day moving average price of $98.81. The company has a market cap of $8.83 billion, a price-to-earnings ratio of 12.50 and a beta of 0.65. SouthState Co. has a twelve month low of $70.68 and a twelve month 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.

SouthState Announces Dividend

The company 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 $0.54 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.48%. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Insider Buying and Selling at SouthState

In other news, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the business's stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the sale, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

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.