Janney Montgomery Scott LLC Sells 1,452 Shares of SouthState Co. (NASDAQ:SSB)

Janney Montgomery Scott LLC trimmed its position in SouthState Co. (NASDAQ:SSB) by 15.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,700 shares of the bank’s stock after selling 1,452 shares during the period. Janney Montgomery Scott LLC’s holdings in SouthState were worth $766,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Waldron Private Wealth LLC bought a new stake in shares of SouthState during the third quarter worth about $35,000. UMB Bank n.a. boosted its stake in SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares during the last quarter. International Assets Investment Management LLC increased its holdings in 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. Central Pacific Bank Trust Division raised its stake in shares of SouthState by 15.7% in the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock worth $183,000 after purchasing an additional 250 shares during the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of SouthState in the third quarter valued at approximately $207,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Piper Sandler increased their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and raised their price target for the company from $106.00 to $128.00 in a research report on Monday, January 27th. UBS Group started coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $115.44.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is owned by corporate insiders.

SouthState Trading Down 1.1 %

Shares of SSB stock opened at $106.63 on Friday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $102.88 and a 200-day moving average of $99.52. The firm has a market cap of $8.13 billion, a P/E ratio of 15.32 and a beta of 0.70.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.03%. SouthState’s dividend payout ratio is presently 31.03%.

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.