SouthState Co. (NASDAQ:SSB) Shares Sold by EAM Global Investors LLC

EAM Global Investors LLC decreased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 17.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 37,163 shares of the bank’s stock after selling 7,639 shares during the period. EAM Global Investors LLC’s holdings in SouthState were worth $3,697,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in SSB. Geode Capital Management LLC boosted its holdings in SouthState by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank’s stock worth $192,531,000 after buying an additional 93,312 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of SouthState by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank’s stock valued at $103,448,000 after acquiring an additional 52,042 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of SouthState by 19.6% during the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank’s stock worth $84,703,000 after acquiring an additional 139,602 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SouthState by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank’s stock worth $83,812,000 after acquiring an additional 37,796 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of SouthState during the fourth quarter worth $67,260,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the transaction, the chief financial officer now directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Stacy Smith bought 3,100 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were bought at an average cost of $93.60 per share, with a total value of $290,160.00. Following the transaction, 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 disclosure for this purchase can be found here. 1.70% of the stock is currently owned by corporate insiders.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $83.94 on Wednesday. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of 12.06 and a beta of 0.65. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The business has a fifty day simple moving average of $93.75 and a 200 day simple moving average of $99.38.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were paid a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.57%. SouthState’s payout ratio is 31.03%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on SSB shares. UBS Group initiated coverage on SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target for the company. Barclays dropped their target price 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. Stephens restated an “overweight” rating and issued a $130.00 price target 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 lowered their price objective for the stock from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Finally, Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and increased their target price for the company from $106.00 to $128.00 in a report on Monday, January 27th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $117.90.

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.