26,247 Shares in SouthState Co. (NASDAQ:SSB) Bought by Edgestream Partners L.P.

Edgestream Partners L.P. bought a new position in SouthState Co. (NASDAQ:SSB) during the fourth quarter, HoldingsChannel reports. The fund bought 26,247 shares of the bank’s stock, valued at approximately $2,611,000.

Other institutional investors also recently bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in SouthState during the fourth quarter valued at about $5,682,000. Arizona State Retirement System raised its holdings in SouthState by 0.8% during the fourth quarter. Arizona State Retirement System now owns 22,128 shares of the bank’s stock valued at $2,201,000 after acquiring an additional 184 shares during the period. Cookson Peirce & Co. Inc. raised its holdings in SouthState by 60.8% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 5,816 shares of the bank’s stock valued at $579,000 after acquiring an additional 2,199 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in SouthState by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank’s stock valued at $103,448,000 after acquiring an additional 52,042 shares during the period. Finally, Fisher Asset Management LLC raised its holdings in SouthState by 19.6% during the fourth 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 during the period. 89.76% of the stock is owned by institutional investors.

SouthState Trading Up 0.7 %

Shares of SSB stock opened at $93.03 on Monday. The stock has a market capitalization of $9.43 billion, a price-to-earnings ratio of 13.37 and a beta of 0.68. SouthState Co. has a 12-month low of $70.68 and a 12-month 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 stock’s 50-day moving average price is $100.51 and its 200-day moving average price is $100.86.

SouthState Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, February 7th. SouthState’s payout ratio is 31.03%.

Insider Transactions at SouthState

In other SouthState news, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction 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 in the company, valued at $482,433.86. The trade was a 29.37 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director G Stacy Smith acquired 3,100 shares of the business’s stock in a transaction on Thursday, March 6th. The shares were purchased at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

SSB has been the topic of a number of recent analyst reports. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. UBS Group initiated coverage on SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Stephens reissued an “overweight” rating and set a $130.00 price target on shares of SouthState in a report on Friday. Finally, 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. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $115.44.

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.