HBK Sorce Advisory LLC Sells 5,429 Shares of SouthState Co. (NASDAQ:SSB)

HBK Sorce Advisory LLC decreased its position in shares of SouthState Co. (NASDAQ:SSB) by 24.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,649 shares of the bank’s stock after selling 5,429 shares during the period. HBK Sorce Advisory LLC’s holdings in SouthState were worth $1,656,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System increased its position in shares of SouthState by 0.5% in the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock worth $2,109,000 after purchasing an additional 100 shares during the period. CIBC Asset Management Inc increased its position in shares of SouthState by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock worth $231,000 after purchasing an additional 126 shares during the period. Caprock Group LLC increased its position in shares of SouthState by 5.8% in the fourth quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock worth $255,000 after purchasing an additional 140 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of SouthState by 0.6% in the fourth quarter. Oppenheimer Asset Management Inc. now owns 22,635 shares of the bank’s stock worth $2,252,000 after purchasing an additional 141 shares during the period. Finally, Independent Advisor Alliance increased its position in shares of SouthState by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 27,914 shares of the bank’s stock worth $2,777,000 after purchasing an additional 145 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

SouthState stock opened at $89.41 on Friday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. 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 business’s 50-day moving average price is $99.95 and its two-hundred day moving average price is $100.74. The stock has a market cap of $9.06 billion, a PE ratio of 12.85 and a beta of 0.68.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s payout ratio is 31.03%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and raised their price target for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Finally, UBS Group assumed coverage on SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $115.44.

Insider Activity

In other news, Director Janet P. Froetscher purchased 2,717 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were purchased at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the purchase, the director now owns 4,689 shares of the company’s stock, valued at $431,481.78. This trade represents a 137.78 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director G Stacy Smith purchased 3,100 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the purchase, the director now directly owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.26% of the company’s stock.

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.