US Bancorp DE Decreases Stock Position in SouthState Co. (NASDAQ:SSB)

US Bancorp DE lessened its position in SouthState Co. (NASDAQ:SSB) by 16.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,032 shares of the bank’s stock after selling 797 shares during the quarter. US Bancorp DE’s holdings in SouthState were worth $401,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Blue Trust Inc. lifted its position in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after buying an additional 167 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in SouthState during the fourth quarter worth $137,000. Avior Wealth Management LLC increased its stake in SouthState by 22,412.5% during the fourth quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock worth $179,000 after acquiring an additional 1,793 shares during the last quarter. Central Pacific Bank Trust Division increased its stake in SouthState by 15.7% during the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock worth $183,000 after acquiring an additional 250 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of SouthState in the third quarter valued at $207,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of SSB stock opened at $90.32 on Thursday. The stock has a market capitalization of $9.16 billion, a PE ratio of 12.98 and a beta of 0.68. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.27. The stock’s 50-day moving average price is $100.14 and its 200 day moving average price is $100.81. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.39%. The ex-dividend date was Friday, February 7th. SouthState’s payout ratio is 31.03%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SSB shares. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Stephens reissued an “overweight” rating and set a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

Insiders Place Their Bets

In related news, CAO Sara Arana sold 1,991 shares of the company’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 value of $200,652.98. Following the sale, the chief accounting officer now owns 4,787 shares in the company, valued at $482,433.86. This represents a 29.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the company’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 completion of the sale, the chief financial officer now directly owns 34,107 shares in the company, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by 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.