Commonwealth Equity Services LLC Acquires 112 Shares of SouthState Co. (NASDAQ:SSB)

Commonwealth Equity Services LLC raised its holdings in shares of SouthState Co. (NASDAQ:SSB) by 1.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,537 shares of the bank’s stock after purchasing an additional 112 shares during the period. Commonwealth Equity Services LLC’s holdings in SouthState were worth $949,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in SSB. Blue Trust Inc. boosted its stake in SouthState by 16.8% in the 4th 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. Stonebridge Financial Group LLC purchased a new position in SouthState in the fourth quarter worth about $137,000. Avior Wealth Management LLC lifted its stake in shares of SouthState by 22,412.5% in the fourth quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock worth $179,000 after buying an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division grew its holdings in shares of SouthState by 15.7% during the fourth 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 increased its position in shares of SouthState by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock valued at $231,000 after acquiring an additional 126 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Price Performance

NASDAQ SSB opened at $92.36 on Wednesday. The company has a 50-day moving average price of $98.74 and a 200-day moving average price of $100.58. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. 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 firm has a market capitalization of $9.36 billion, a P/E ratio of 13.27 and a beta of 0.68.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders 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 dividend on an annualized basis and a yield of 2.34%. SouthState’s dividend payout ratio is currently 31.03%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on SSB shares. Barclays started coverage on SouthState in a research report on Tuesday. They issued an “overweight” rating and a $120.00 price objective on the stock. Stephens reaffirmed an “overweight” rating and set a $130.00 price target on shares of SouthState in a report on Friday, March 7th. UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Finally, Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and upped their target price 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 eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $115.90.

Insiders Place Their Bets

In related news, CAO Sara Arana sold 1,991 shares of the business’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 transaction, the chief accounting officer now directly owns 4,787 shares in the company, valued at approximately $482,433.86. The trade was a 29.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Janet P. Froetscher bought 2,717 shares of the firm’s stock in a transaction on Monday, March 10th. The shares were purchased at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, the director now owns 4,689 shares in the company, valued at $431,481.78. This trade represents a 137.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.70% 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.