SouthState Co. (NASDAQ:SSB) Shares Sold by Pitcairn Co.

Pitcairn Co. trimmed its holdings in shares of SouthState Co. (NASDAQ:SSB) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,282 shares of the bank’s stock after selling 452 shares during the period. Pitcairn Co.’s holdings in SouthState were worth $1,023,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of SSB. Captrust Financial Advisors grew its position in SouthState by 8.3% in the 3rd quarter. Captrust Financial Advisors now owns 18,077 shares of the bank’s stock valued at $1,757,000 after buying an additional 1,383 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of SouthState in the third quarter valued at approximately $243,000. HighTower Advisors LLC increased its stake in shares of SouthState by 7.6% during the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after acquiring an additional 787 shares during the period. Stifel Financial Corp raised its holdings in SouthState by 10.5% during the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after purchasing an additional 6,062 shares in the last quarter. Finally, Jane Street Group LLC lifted its position in SouthState by 14.5% in the third quarter. Jane Street Group LLC now owns 149,411 shares of the bank’s stock worth $14,520,000 after purchasing an additional 18,881 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of research reports. Stephens reissued an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research note on Friday, March 7th. Raymond James raised shares of SouthState from an “outperform” rating to a “strong-buy” rating and cut their price target for the company from $120.00 to $115.00 in a report on Wednesday. Barclays initiated coverage on shares of SouthState in a research note on Tuesday. They issued an “overweight” rating and a $120.00 price objective on the stock. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and increased their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, UBS Group initiated coverage on shares of SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $118.40.

SouthState Stock Performance

Shares of SSB opened at $81.47 on Friday. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The company has a market capitalization of $8.26 billion, a PE ratio of 11.70 and a beta of 0.68. The company’s 50 day moving average price is $97.93 and its 200 day moving average price is $100.31.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.65%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

Insider Buying and Selling

In related news, CAO Sara Arana sold 1,991 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the transaction, the chief accounting officer now owns 4,787 shares of the company’s stock, valued at approximately $482,433.86. This trade represents a 29.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Stacy Smith bought 3,100 shares of the firm’s stock in a transaction on Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, with a total value of $290,160.00. Following the completion of the transaction, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is owned by corporate 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.