Van ECK Associates Corp Purchases 14,894 Shares of SouthState Co. (NASDAQ:SSB)

Van ECK Associates Corp boosted its position in shares of SouthState Co. (NASDAQ:SSB) by 34.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,540 shares of the bank’s stock after acquiring an additional 14,894 shares during the period. Van ECK Associates Corp owned 0.08% of SouthState worth $5,824,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BIP Wealth LLC boosted its stake in SouthState by 605.2% during the third quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after buying an additional 26,966 shares during the period. Stifel Financial Corp boosted its position in SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after buying an additional 6,062 shares during the last quarter. JPMorgan Chase & Co. boosted its position in SouthState by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after purchasing an additional 9,863 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of SouthState by 3.7% during the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after buying an additional 25,495 shares during the period. Finally, FNY Investment Advisers LLC acquired a new position in shares of SouthState during the 4th quarter worth approximately $1,008,000. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SSB. UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Keefe, Bruyette & Woods restated an “outperform” rating and set a $120.00 price target (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Piper Sandler upped their price target on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Stephens reaffirmed an “overweight” rating and set a $130.00 price objective on shares of SouthState in a report on Friday, January 24th. Finally, Truist Financial lowered their target price on SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Stock Performance

Shares of SSB stock opened at $102.20 on Tuesday. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. 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 capitalization of $7.80 billion, a price-to-earnings ratio of 14.68 and a beta of 0.70. The stock’s fifty day simple moving average is $102.03 and its 200-day simple moving average is $99.96.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.11%. SouthState’s dividend payout ratio is currently 31.03%.

Insiders Place Their Bets

In other 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 stock was sold at an average price of $108.29, for a total value 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 transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 1.26% of the company’s stock.

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.