SouthState Co. (NASDAQ:SSB) Shares Acquired by Sanctuary Advisors LLC

Sanctuary Advisors LLC lifted its stake in shares of SouthState Co. (NASDAQ:SSB) by 38.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,782 shares of the bank’s stock after acquiring an additional 1,057 shares during the period. Sanctuary Advisors LLC’s holdings in SouthState were worth $401,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in SSB. Assenagon Asset Management S.A. acquired a new stake in shares of SouthState during the fourth quarter valued at $21,498,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of SouthState by 64.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock valued at $25,809,000 after acquiring an additional 103,756 shares during the last quarter. Stieven Capital Advisors L.P. acquired a new stake in shares of SouthState during the third quarter valued at $9,086,000. Charles Schwab Investment Management Inc. lifted its position in SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after buying an additional 72,181 shares during the period. Finally, Prospector Partners LLC lifted its position in SouthState by 52.8% during the third quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock worth $18,003,000 after buying an additional 64,013 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the topic of several recent analyst reports. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and increased their target price for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reiterated an “overweight” rating and set a $130.00 target price on shares of SouthState in a research report on Friday, January 24th. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Hovde Group downgraded 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 report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Stock Performance

SouthState stock opened at $99.17 on Tuesday. The stock’s 50-day moving average is $101.13 and its 200-day moving average is $100.73. The company has a market cap of $10.05 billion, a price-to-earnings ratio of 14.25 and a beta of 0.70. 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 Co. has a 12 month low of $70.68 and a 12 month high of $114.26.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.18%. SouthState’s payout ratio is currently 31.03%.

Insider Activity at SouthState

In other SouthState news, CAO Sara Arana sold 1,991 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 4,787 shares in the company, valued at $482,433.86. This trade represents a 29.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the firm’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 value of $707,241.99. Following the sale, the chief financial officer now owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

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.