Skandinaviska Enskilda Banken AB publ Acquires New Holdings in SouthState Co. (NASDAQ:SSB)

Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 6,955 shares of the bank’s stock, valued at approximately $699,000.

Several other hedge funds also recently modified their holdings of the company. Blue Trust Inc. raised its position in SouthState by 16.8% in the fourth 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 last quarter. Stonebridge Financial Group LLC acquired a new position in shares of SouthState in the fourth quarter valued at approximately $137,000. Avior Wealth Management LLC raised its holdings in SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after buying an additional 1,793 shares during the last quarter. Central Pacific Bank Trust Division boosted its position in 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 buying an additional 250 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in SouthState during the 3rd quarter worth approximately $207,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of SouthState stock opened at $92.77 on Tuesday. The company has a market cap of $9.40 billion, a P/E ratio of 13.33 and a beta of 0.68. 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 50-day moving average price of $99.60 and a two-hundred day moving average price of $100.67. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27.

SouthState Dividend Announcement

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

Insider Buying and Selling at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Sara Arana sold 1,991 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the transaction, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. This trade represents a 29.37 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.26% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the subject of several analyst reports. UBS Group began coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target for the company. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and raised their target price for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Stephens reiterated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState 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.