Independent Advisor Alliance Has $2.78 Million Holdings in SouthState Co. (NASDAQ:SSB)

Independent Advisor Alliance boosted its position in SouthState Co. (NASDAQ:SSB) by 0.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,914 shares of the bank’s stock after buying an additional 145 shares during the quarter. Independent Advisor Alliance’s holdings in SouthState were worth $2,777,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of SSB. Assenagon Asset Management S.A. acquired a new stake in SouthState in the 4th quarter worth $21,498,000. Fisher Asset Management LLC grew its position in SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank’s stock worth $84,703,000 after purchasing an additional 139,602 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in SouthState by 64.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock worth $25,809,000 after purchasing an additional 103,756 shares during the last quarter. Stieven Capital Advisors L.P. acquired a new stake in SouthState in the 3rd quarter worth $9,086,000. Finally, Charles Schwab Investment Management Inc. grew its position in SouthState by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after purchasing an additional 72,181 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Trading Down 0.2 %

Shares of SSB stock opened at $90.32 on Thursday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company has a market capitalization of $9.16 billion, a P/E ratio of 12.98 and a beta of 0.68. The firm has a 50-day moving average price of $100.14 and a 200 day moving average price of $100.81. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.39%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is currently 31.03%.

Insider Activity at SouthState

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

Analyst Ratings Changes

Several analysts have issued reports on the stock. UBS Group assumed coverage on shares of SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and set a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Finally, Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $115.44.

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.