Yousif Capital Management LLC Sells 1,105 Shares of SouthState Co. (NASDAQ:SSB)

Yousif Capital Management LLC trimmed its stake in SouthState Co. (NASDAQ:SSB) by 4.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,810 shares of the bank’s stock after selling 1,105 shares during the period. Yousif Capital Management LLC’s holdings in SouthState were worth $2,667,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Caprock Group LLC lifted its position in SouthState by 5.8% in the fourth quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock worth $255,000 after buying an additional 140 shares during the last quarter. Perigon Wealth Management LLC purchased a new stake in shares of SouthState in the fourth quarter valued at $233,000. Pacer Advisors Inc. lifted its holdings in shares of SouthState by 1.9% in the 4th quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock worth $1,131,000 after acquiring an additional 207 shares during the last quarter. KBC Group NV boosted its stake in shares of SouthState by 35.3% during the 4th quarter. KBC Group NV now owns 3,106 shares of the bank’s stock worth $309,000 after purchasing an additional 810 shares during the period. Finally, Blue Trust Inc. boosted its stake in shares of SouthState by 16.8% during 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 during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Activity

In other news, CFO William E. V. Matthews sold 6,531 shares of the firm’s 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 directly owns 34,107 shares in the company, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.26% of the company’s stock.

SouthState Stock Performance

SSB stock opened at $106.63 on Monday. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The business has a 50-day moving average price of $102.79 and a 200 day moving average price of $99.73. The company has a market capitalization of $8.13 billion, a P/E ratio of 15.32 and a beta of 0.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be given a $0.54 dividend. The ex-dividend date is Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.03%. SouthState’s payout ratio is presently 31.03%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Truist Financial decreased their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. UBS Group began coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target for the company. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Piper Sandler lifted their target price on SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Stephens reissued an “overweight” rating and set a $130.00 target price on shares of SouthState in a research note on Friday, January 24th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.44.

About SouthState

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.