Sara Arana Sells 1,991 Shares of SouthState Co. (NASDAQ:SSB) Stock

SouthState Co. (NASDAQ:SSB) CAO Sara Arana sold 1,991 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was 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 represents a 29.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

SouthState Trading Down 1.6 %

SouthState stock opened at $99.17 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The firm has a 50-day moving average of $101.13 and a 200-day moving average of $100.73. The company has a market cap of $10.05 billion, a price-to-earnings ratio of 14.25 and a beta of 0.70. SouthState Co. has a one year low of $70.68 and a one year high of $114.26.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.18%. SouthState’s payout ratio is 31.03%.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $120.00 price objective (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens reissued an “overweight” rating and issued a $130.00 price target on shares of SouthState in a report on Friday, January 24th. UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and upped their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, SouthState has a consensus rating of “Moderate Buy” and an average price target of $115.44.

Institutional Investors Weigh In On SouthState

A number of institutional investors and hedge funds have recently modified their holdings of SSB. Westwood Holdings Group Inc. raised its holdings in shares of SouthState by 2,221.8% in the 4th quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank’s stock valued at $72,356,000 after purchasing an additional 696,014 shares during the period. Norges Bank bought a new stake in shares of SouthState in the 4th quarter valued at about $67,260,000. Capital Research Global Investors bought a new stake in shares of SouthState in the 4th quarter valued at about $60,311,000. Assenagon Asset Management S.A. bought a new stake in shares of SouthState in the 4th quarter valued at about $21,498,000. Finally, JPMorgan Chase & Co. raised its holdings in SouthState by 51.4% in the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank’s stock valued at $61,569,000 after acquiring an additional 210,019 shares during the period. 89.76% of the stock is owned by institutional investors.

SouthState Company 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.