Victory Capital Management Inc. Has $213.88 Million Stake in SouthState Co. (NASDAQ:SSB)

Victory Capital Management Inc. decreased its position in shares of SouthState Co. (NASDAQ:SSB) by 10.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,149,939 shares of the bank’s stock after selling 238,098 shares during the quarter. Victory Capital Management Inc. owned approximately 2.82% of SouthState worth $213,876,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SSB. Assenagon Asset Management S.A. acquired a new stake in shares of SouthState during the 4th quarter valued at $21,498,000. Fisher Asset Management LLC boosted its holdings in shares of SouthState by 19.6% during the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank’s stock valued at $84,703,000 after acquiring an additional 139,602 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of SouthState by 64.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock valued at $25,809,000 after acquiring an additional 103,756 shares in the last quarter. Stieven Capital Advisors L.P. acquired a new stake in shares of SouthState during the 3rd quarter valued at $9,086,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of SouthState by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after acquiring an additional 72,181 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was 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 of the company’s stock, valued at $3,693,447.03. The trade was a 16.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the sale, the chief accounting officer now directly owns 4,787 shares of the company’s stock, valued at $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

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

SouthState Stock Performance

SSB stock opened at $95.64 on Wednesday. The stock has a 50-day moving average price of $101.10 and a 200-day moving average price of $100.80. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market cap of $9.69 billion, a PE ratio of 13.74 and a beta of 0.70.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.26%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

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.