Caprock Group LLC Buys 140 Shares of SouthState Co. (NASDAQ:SSB)

Caprock Group LLC increased its position in SouthState Co. (NASDAQ:SSB) by 5.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,567 shares of the bank’s stock after acquiring an additional 140 shares during the quarter. Caprock Group LLC’s holdings in SouthState were worth $255,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Waldron Private Wealth LLC acquired a new position in shares of SouthState in the 3rd quarter valued at $35,000. UMB Bank n.a. lifted its position in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock worth $53,000 after buying an additional 192 shares during the period. Blue Trust Inc. grew its position 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. International Assets Investment Management LLC increased its position in shares of SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares in the last quarter. Finally, Avior Wealth Management LLC boosted its position in SouthState by 22,412.5% in the fourth quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after buying an additional 1,793 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the sale, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Truist Financial lowered their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Piper Sandler lifted their price objective on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, UBS Group initiated coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Stock Up 0.8 %

NASDAQ SSB opened at $107.80 on Friday. 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 market cap of $8.22 billion, a price-to-earnings ratio of 15.49 and a beta of 0.70. The company has a 50 day moving average of $102.88 and a 200-day moving average of $99.52. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.00%. The ex-dividend date of this dividend is Friday, February 7th. SouthState’s dividend payout ratio is currently 31.03%.

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.