SouthState Co. (NASDAQ:SSB) CFO William E. V. Matthews Sells 6,531 Shares of Stock

SouthState Co. (NASDAQ:SSB) CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $106.68 on Thursday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 16.46 and a beta of 0.70. The business has a 50-day simple moving average of $103.43 and a two-hundred day simple moving average of $98.90. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.26.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be issued a dividend of $0.54 per share. The ex-dividend date is Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.02%. SouthState’s payout ratio is 33.33%.

Institutional Investors Weigh In On SouthState

Several institutional investors and hedge funds have recently added to or reduced their stakes in SSB. Van ECK Associates Corp raised its stake in SouthState by 34.1% during the 4th quarter. Van ECK Associates Corp now owns 58,540 shares of the bank’s stock valued at $5,824,000 after buying an additional 14,894 shares during the last quarter. Louisiana State Employees Retirement System increased its position in SouthState by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after acquiring an additional 100 shares during the last quarter. Stonebridge Financial Group LLC bought a new position in SouthState in the fourth quarter valued at about $137,000. Empowered Funds LLC purchased a new position in SouthState in the fourth quarter worth about $3,769,000. Finally, Caprock Group LLC grew its stake in shares of SouthState by 5.8% during the 4th quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock valued at $255,000 after purchasing an additional 140 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

SSB has been the subject of several recent research reports. Piper Sandler lifted their target price on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Stephens restated an “overweight” rating and set a $130.00 price target on shares of SouthState in a report on Friday, January 24th. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Finally, Truist Financial cut their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.