Insider Buying: SouthState Co. (NASDAQ:SSB) Director Purchases 3,100 Shares of Stock

SouthState Co. (NASDAQ:SSB) Director G Stacy Smith bought 3,100 shares of the firm’s stock in a transaction on Thursday, March 6th. The shares were acquired at an average cost of $93.60 per share, with a total value of $290,160.00. Following 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 acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website.

SouthState Trading Up 0.7 %

Shares of SSB stock opened at $93.03 on Friday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. 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 firm’s 50 day moving average is $100.67 and its 200 day moving average is $100.72. The stock has a market capitalization of $9.43 billion, a P/E ratio of 13.37 and a beta of 0.68.

SouthState Announces Dividend

The firm 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 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SSB shares. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Stephens reissued an “overweight” rating and set a $130.00 price target on shares of SouthState in a research report on Friday. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and raised their price target for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target for the company. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $115.44.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Summit Securities Group LLC purchased a new position in shares of SouthState during the 4th quarter worth $38,000. Aquatic Capital Management LLC purchased a new position in shares of SouthState during the 4th quarter worth $45,000. Quadrant Capital Group LLC boosted 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 acquiring an additional 99 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of SouthState during the 4th quarter worth $102,000. Finally, Blue Trust Inc. boosted 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 acquiring an additional 167 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Company 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.