CIBC Asset Management Inc Grows Position in SouthState Co. (NASDAQ:SSB)

CIBC Asset Management Inc raised its holdings in shares of SouthState Co. (NASDAQ:SSB) by 5.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,324 shares of the bank’s stock after purchasing an additional 126 shares during the quarter. CIBC Asset Management Inc’s holdings in SouthState were worth $231,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in SSB. Sanctuary Advisors LLC boosted its stake in shares of SouthState by 38.8% during the fourth quarter. Sanctuary Advisors LLC now owns 3,782 shares of the bank’s stock valued at $401,000 after purchasing an additional 1,057 shares in the last quarter. Stieven Capital Advisors L.P. boosted its stake in shares of SouthState by 13.6% during the fourth quarter. Stieven Capital Advisors L.P. now owns 106,200 shares of the bank’s stock valued at $10,565,000 after purchasing an additional 12,700 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of SouthState by 1.6% during the fourth quarter. Rhumbline Advisers now owns 258,068 shares of the bank’s stock valued at $25,673,000 after purchasing an additional 3,954 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of SouthState by 34.1% during the fourth quarter. Van ECK Associates Corp now owns 58,540 shares of the bank’s stock valued at $5,824,000 after purchasing an additional 14,894 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in shares of SouthState by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after buying an additional 100 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Trading Up 1.0 %

Shares of NASDAQ:SSB opened at $99.70 on Wednesday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The company has a market capitalization of $7.61 billion, a PE ratio of 14.32 and a beta of 0.70. The business has a 50 day moving average of $101.14 and a two-hundred day moving average of $100.47. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were paid a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.17%. SouthState’s dividend payout ratio is presently 31.03%.

Analyst Upgrades and Downgrades

Several research firms have commented on SSB. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. 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. Citigroup raised 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 report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of SouthState in a research report on Friday, January 24th. 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 research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

Insider Activity at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction dated 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 in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.26% of the stock is owned by company insiders.

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.