14,110 Shares in SouthState Co. (NASDAQ:SSB) Purchased by Dynamic Technology Lab Private Ltd

Dynamic Technology Lab Private Ltd acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,110 shares of the bank’s stock, valued at approximately $1,404,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in SSB. Stifel Financial Corp grew its position in shares of SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after purchasing an additional 6,062 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in SouthState by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock valued at $39,736,000 after buying an additional 9,863 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of SouthState during the fourth quarter valued at about $1,008,000. HighTower Advisors LLC lifted its holdings in shares of SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock worth $1,083,000 after buying an additional 787 shares in the last quarter. Finally, Sanctuary Advisors LLC bought a new position in shares of SouthState in the third quarter valued at approximately $265,000. Institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

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

SouthState Stock Down 3.7 %

Shares of NASDAQ SSB opened at $81.47 on Friday. The stock has a market capitalization of $8.26 billion, a P/E ratio of 11.70 and a beta of 0.68. SouthState Co. has a one year low of $70.68 and a one year high of $114.27. The firm’s 50 day simple moving average is $97.93 and its two-hundred day simple moving average is $100.31. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Announces Dividend

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

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Janet P. Froetscher purchased 2,717 shares of the company’s stock in a transaction on Monday, March 10th. The shares were purchased at an average cost of $92.02 per share, with a total value of $250,018.34. Following the transaction, the director now directly owns 4,689 shares in the company, valued at $431,481.78. This trade represents a 137.78 % 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.