Bessemer Group Inc. Has $27.62 Million Stake in SouthState Co. (NASDAQ:SSB)

Bessemer Group Inc. increased its stake in shares of SouthState Co. (NASDAQ:SSB) by 4.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 277,630 shares of the bank’s stock after acquiring an additional 11,214 shares during the period. Bessemer Group Inc. owned about 0.36% of SouthState worth $27,620,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SSB. Summit Securities Group LLC acquired a new position in shares of SouthState in the fourth quarter valued at approximately $38,000. Quadrant Capital Group LLC grew its holdings in shares of SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after purchasing an additional 99 shares in the last quarter. Headlands Technologies LLC bought a new position in SouthState in the 4th quarter valued at about $102,000. Blue Trust Inc. raised its position in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after purchasing an additional 167 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in shares of SouthState during the 4th quarter worth $137,000. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Barclays dropped their price target on SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Tuesday. Stephens reissued an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. Raymond James upgraded shares of SouthState from an “outperform” rating to a “strong-buy” rating and dropped their target price for the company from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Finally, UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price on the stock. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $117.90.

Insider Buying and Selling at SouthState

In other SouthState news, CAO Sara Arana sold 1,991 shares of the company’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 sale, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. This represents a 29.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

SouthState Stock Down 6.9 %

Shares of SouthState stock opened at $81.31 on Friday. The company’s fifty day simple moving average is $95.18 and its two-hundred day simple moving average is $99.64. The company has a market cap of $8.24 billion, a P/E ratio of 11.68 and a beta of 0.65. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.66%. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

SouthState Company 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.