Wellington Management Group LLP Has $93.29 Million Stock Holdings in SouthState Co. (NASDAQ:SSB)

Wellington Management Group LLP reduced its position in SouthState Co. (NASDAQ:SSB) by 19.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 937,772 shares of the bank’s stock after selling 233,516 shares during the period. Wellington Management Group LLP owned 1.23% of SouthState worth $93,290,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in SSB. Captrust Financial Advisors increased its position in SouthState by 8.3% in the third quarter. Captrust Financial Advisors now owns 18,077 shares of the bank’s stock worth $1,757,000 after purchasing an additional 1,383 shares during the period. Paloma Partners Management Co bought a new stake in shares of SouthState during the third quarter worth approximately $243,000. HighTower Advisors LLC lifted its holdings in SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after buying an additional 787 shares during the period. Stifel Financial Corp boosted its stake in 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 acquiring an additional 6,062 shares during the last quarter. Finally, Jane Street Group LLC grew its holdings in SouthState by 14.5% during the 3rd quarter. Jane Street Group LLC now owns 149,411 shares of the bank’s stock worth $14,520,000 after acquiring an additional 18,881 shares during the period. Institutional investors own 89.76% of the company’s stock.

Insider Activity

In other SouthState news, Director G Stacy Smith bought 3,100 shares of SouthState stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the acquisition, the director now owns 36,779 shares of the company’s stock, valued at $3,442,514.40. This trade represents a 9.20 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Janet P. Froetscher purchased 2,717 shares of the stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the purchase, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. The trade was a 137.78 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company’s stock.

SouthState Stock Down 3.7 %

Shares of SSB stock opened at $81.47 on Friday. The company has a market capitalization of $8.26 billion, a price-to-earnings ratio of 11.70 and a beta of 0.68. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The firm has a fifty day moving average of $97.93 and a 200-day moving average of $100.31. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.65%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is 31.03%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on SSB shares. UBS Group began coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Raymond James upgraded SouthState from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $120.00 to $115.00 in a report on Wednesday. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and upped their price target for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Barclays assumed coverage on shares of SouthState in a research report on Tuesday. They issued an “overweight” rating and a $120.00 price target on the stock. Finally, Stephens reaffirmed an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $118.40.

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.