ProShare Advisors LLC Acquires 7,295 Shares of SouthState Co. (NASDAQ:SSB)

ProShare Advisors LLC boosted its holdings in SouthState Co. (NASDAQ:SSB) by 41.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,990 shares of the bank’s stock after purchasing an additional 7,295 shares during the period. ProShare Advisors LLC’s holdings in SouthState were worth $2,486,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in shares of SouthState in the fourth quarter valued at $38,000. Aquatic Capital Management LLC bought a new position in shares of SouthState in the 4th quarter valued at about $45,000. Quadrant Capital Group LLC increased its stake 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 during the last quarter. Headlands Technologies LLC acquired a new position in shares of SouthState during the 4th quarter worth about $102,000. Finally, Blue Trust Inc. raised its holdings in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after purchasing an additional 167 shares during the period. Institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the topic of a number of recent analyst reports. Truist Financial assumed coverage on SouthState in a research report on Tuesday, May 13th. They set a “buy” rating and a $106.00 price target on the stock. Stephens restated an “overweight” rating and issued a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research report on Tuesday, May 6th. Barclays dropped their price objective on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 8th. Finally, Raymond James set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. One research analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $116.90.

SouthState Price Performance

NASDAQ:SSB opened at $90.57 on Wednesday. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The firm’s 50-day simple moving average is $88.63 and its 200 day simple moving average is $97.78. The firm has a market cap of $9.19 billion, a price-to-earnings ratio of 13.01 and a beta of 0.75.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.38%. The ex-dividend date was Friday, May 9th. SouthState’s dividend payout ratio (DPR) is currently 34.12%.

Insider Buying and Selling

In related news, Director G Stacy Smith bought 3,100 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Janet P. Froetscher purchased 2,717 shares of the company’s stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $92.02 per share, with a total value of $250,018.34. Following the purchase, the director now owns 4,689 shares of the company’s stock, valued at $431,481.78. This 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 currently owned by company insiders.

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.