PNC Financial Services Group Inc. Sells 993 Shares of SouthState Co. (NASDAQ:SSB)

PNC Financial Services Group Inc. reduced its holdings in SouthState Co. (NASDAQ:SSB) by 17.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,817 shares of the bank’s stock after selling 993 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SouthState were worth $479,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Blue Trust Inc. raised its position in SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after buying an additional 167 shares during the last quarter. Stonebridge Financial Group LLC acquired a new stake in SouthState in the 4th quarter valued at approximately $137,000. Avior Wealth Management LLC raised its position in SouthState by 22,412.5% in the 4th 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 during the last quarter. Central Pacific Bank Trust Division raised its position in SouthState by 15.7% in the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after buying an additional 250 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in SouthState in the 3rd quarter valued at approximately $214,000. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on SSB shares. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research note on Friday, March 7th. UBS Group started coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Finally, Citigroup upgraded 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 note on Monday, January 27th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company 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 business’s 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. The trade was a 16.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Janet P. Froetscher purchased 2,717 shares of SouthState stock in a transaction that occurred on Monday, March 10th. The stock was purchased at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the purchase, the director now directly owns 4,689 shares in the company, valued at $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.26% of the stock is currently owned by corporate insiders.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $94.54 on Thursday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. The stock has a 50 day moving average of $99.49 and a 200-day moving average of $100.60. The company has a market capitalization of $9.58 billion, a P/E ratio of 13.58 and a beta of 0.68.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.28%. SouthState’s dividend payout ratio is currently 31.03%.

SouthState 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.