Guggenheim Capital LLC Purchases 630 Shares of SouthState Co. (NASDAQ:SSB)

Guggenheim Capital LLC increased its position in SouthState Co. (NASDAQ:SSB) by 1.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 52,159 shares of the bank’s stock after acquiring an additional 630 shares during the period. Guggenheim Capital LLC owned about 0.07% of SouthState worth $5,189,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SSB. Sanctuary Advisors LLC purchased a new position in shares of SouthState in the third quarter worth approximately $265,000. Synovus Financial Corp grew its position in shares of SouthState by 64.8% during the 3rd quarter. Synovus Financial Corp now owns 116,404 shares of the bank’s stock valued at $11,312,000 after acquiring an additional 45,785 shares during the period. JPMorgan Chase & Co. raised its holdings in SouthState by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after purchasing an additional 9,863 shares during the period. Central Pacific Bank Trust Division lifted its position in SouthState by 15.7% during the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after purchasing an additional 250 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in SouthState by 1.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 20,057 shares of the bank’s stock valued at $1,949,000 after purchasing an additional 337 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Price Performance

NASDAQ:SSB opened at $84.82 on Friday. The company has a market capitalization of $8.60 billion, a P/E ratio of 12.19 and a beta of 0.65. The business’s 50-day moving average is $93.30 and its 200 day moving average is $99.28. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.55%. SouthState’s dividend payout ratio is currently 31.03%.

Insider Activity at SouthState

In related news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction dated Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, with a total value of $290,160.00. Following the purchase, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. This trade represents a 9.20 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the 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 sale, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. The trade was a 16.07 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts recently issued reports on SSB shares. Raymond James upgraded SouthState from an “outperform” rating to a “strong-buy” rating and cut their price objective for the company from $120.00 to $115.00 in a research note on Wednesday, April 2nd. Citigroup upgraded shares of 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 report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and issued a $130.00 target price on shares of SouthState in a report on Friday, March 7th. Finally, Barclays decreased their price target on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, SouthState presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.90.

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.