Corebridge Financial Inc. Has $12.30 Million Holdings in SouthState Co. (NASDAQ:SSB)

Corebridge Financial Inc. trimmed its holdings in SouthState Co. (NASDAQ:SSB) by 5.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 123,612 shares of the bank’s stock after selling 6,606 shares during the quarter. Corebridge Financial Inc. owned 0.16% of SouthState worth $12,297,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of SSB. Louisiana State Employees Retirement System boosted its holdings in SouthState by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after purchasing an additional 100 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of SouthState by 1.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock worth $949,000 after purchasing an additional 112 shares during the period. CIBC Asset Management Inc lifted its stake 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 valued at $231,000 after buying an additional 126 shares during the period. Caprock Group LLC lifted its stake in shares of SouthState by 5.8% in the fourth quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock valued at $255,000 after buying an additional 140 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its position in SouthState by 0.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 22,635 shares of the bank’s stock worth $2,252,000 after buying an additional 141 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity

In other SouthState news, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares of the company’s stock, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the 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 sale, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by corporate insiders.

SouthState Stock Down 0.2 %

SSB opened at $94.65 on Wednesday. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The firm has a market cap of $9.59 billion, a price-to-earnings ratio of 13.60 and a beta of 0.68. The firm’s 50-day simple moving average is $99.41 and its 200-day simple moving average is $100.58. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.28%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s payout ratio is 31.03%.

Wall Street Analyst Weigh In

SSB has been the subject of a number of research reports. Stephens reiterated an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. UBS Group assumed coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Finally, Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and increased their price objective for the company from $106.00 to $128.00 in a research note on Monday, January 27th. 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.com, the stock currently has an average rating of “Moderate Buy” and an average target price 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.