Cibc World Markets Corp Acquires Shares of 7,117 SouthState Co. (NASDAQ:SSB)

Cibc World Markets Corp acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 7,117 shares of the bank’s stock, valued at approximately $708,000.

Other large investors have also bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after purchasing an additional 167 shares during the period. Stonebridge Financial Group LLC bought a new stake in shares of SouthState during the 4th quarter worth $137,000. Avior Wealth Management LLC raised its stake in shares of SouthState by 22,412.5% during the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock worth $179,000 after purchasing an additional 1,793 shares during the period. Central Pacific Bank Trust Division raised its stake in shares of SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock worth $183,000 after purchasing an additional 250 shares during the period. Finally, CIBC Asset Management Inc bought a new stake in shares of SouthState during the 3rd quarter worth $214,000. 89.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective for the company. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Stephens reissued an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, SouthState has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

Insider Buying and Selling at SouthState

In other SouthState news, Director G Stacy Smith purchased 3,100 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now owns 36,779 shares in the company, valued at $3,442,514.40. The trade was a 9.20 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 value of $707,241.99. Following the sale, the chief financial officer now 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 position. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

SouthState Stock Down 0.3 %

SSB stock opened at $92.55 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $9.38 billion, a PE ratio of 13.30 and a beta of 0.68. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The stock has a 50-day simple moving average of $99.41 and a two-hundred day simple moving average of $100.54.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.33%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s payout ratio is presently 31.03%.

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.