Geode Capital Management LLC grew its position in SouthState Co. (NASDAQ:SSB – Get Rating) by 3.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,442,698 shares of the bank’s stock after buying an additional 53,334 shares during the quarter. Geode Capital Management LLC owned 1.91% of SouthState worth $110,164,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Rockefeller Capital Management L.P. grew its holdings in SouthState by 244.0% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 430 shares of the bank’s stock worth $34,000 after acquiring an additional 305 shares during the last quarter. Ensign Peak Advisors Inc bought a new stake in SouthState during the 1st quarter worth approximately $54,000. Lazard Asset Management LLC bought a new stake in SouthState during the 1st quarter worth approximately $76,000. FMR LLC grew its holdings in SouthState by 30.8% during the 2nd quarter. FMR LLC now owns 1,580 shares of the bank’s stock worth $122,000 after acquiring an additional 372 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new stake in SouthState during the 3rd quarter worth approximately $140,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.
SouthState Stock Performance
SSB opened at $71.46 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.22. The company’s fifty day moving average price is $66.41 and its two-hundred day moving average price is $74.60. SouthState Co. has a 1-year low of $59.51 and a 1-year high of $91.74. The company has a market cap of $5.43 billion, a price-to-earnings ratio of 10.17 and a beta of 0.79.
SouthState Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 19th. Investors of record on Friday, May 12th were issued a dividend of $0.50 per share. The ex-dividend date was Thursday, May 11th. This represents a $2.00 dividend on an annualized basis and a yield of 2.80%. SouthState’s dividend payout ratio (DPR) is presently 28.45%.
Insider Buying and Selling
In related news, Director G Ruffner Page, Jr. acquired 14,000 shares of the firm’s stock in a transaction that occurred on Friday, March 10th. The stock was acquired at an average price of $71.75 per share, for a total transaction of $1,004,500.00. Following the completion of the acquisition, the director now owns 72,963 shares of the company’s stock, valued at approximately $5,235,095.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other SouthState news, Director G Ruffner Page, Jr. bought 14,000 shares of the business’s stock in a transaction on Friday, March 10th. The stock was purchased at an average price of $71.75 per share, for a total transaction of $1,004,500.00. Following the completion of the transaction, the director now directly owns 72,963 shares of the company’s stock, valued at $5,235,095.25. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John C. Pollok sold 7,744 shares of the stock in a transaction dated Friday, June 2nd. The stock was sold at an average price of $67.24, for a total transaction of $520,706.56. Following the transaction, the director now owns 729 shares of the company’s stock, valued at approximately $49,017.96. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by corporate insiders.
Wall Street Analyst Weigh In
A number of research firms have recently commented on SSB. Truist Financial reduced their price objective on shares of SouthState from $91.00 to $82.00 in a research note on Thursday, March 23rd. StockNews.com began coverage on shares of SouthState in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $100.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Raymond James reduced their price objective on shares of SouthState from $95.00 to $85.00 and set an “outperform” rating on the stock in a research note on Thursday, April 6th. Finally, UBS Group assumed coverage on shares of SouthState in a research note on Wednesday, March 15th. They set a “neutral” rating and a $79.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, SouthState has a consensus rating of “Moderate Buy” and an average target price of $86.40.
SouthState Profile
South State Corp. is a bank and financial holding company, which engages in the provision of banking services and products to customers through its subsidiary. Its services include demand, time, and savings deposits, lending and credit card servicing, ATM processing, mortgage banking services, correspondent banking services and wealth management, and trust services.
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