Wipfli Financial Advisors LLC bought a new stake in SouthState Co. (NASDAQ:SSB – Get Rating) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 364 shares of the bank’s stock, valued at approximately $29,000.
A number of other hedge funds and other institutional investors also recently bought and sold shares of SSB. Raymond James & Associates boosted its stake in SouthState by 69.1% in the first quarter. Raymond James & Associates now owns 19,456 shares of the bank’s stock valued at $1,587,000 after acquiring an additional 7,949 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of SouthState by 51.4% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 22,450 shares of the bank’s stock worth $1,832,000 after buying an additional 7,622 shares during the period. HighTower Advisors LLC boosted its position in shares of SouthState by 119.0% during the first quarter. HighTower Advisors LLC now owns 8,239 shares of the bank’s stock worth $673,000 after buying an additional 4,477 shares during the period. Citigroup Inc. boosted its position in shares of SouthState by 29.1% during the first quarter. Citigroup Inc. now owns 26,907 shares of the bank’s stock worth $2,194,000 after buying an additional 6,065 shares during the period. Finally, Bank of Montreal Can acquired a new position in shares of SouthState during the first quarter worth approximately $204,000. 80.28% of the stock is currently owned by institutional investors and hedge funds.
SouthState Price Performance
Shares of NASDAQ:SSB opened at $75.29 on Friday. SouthState Co. has a 12 month low of $72.25 and a 12 month high of $91.74. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 12.09 and a beta of 0.81. The stock’s 50 day moving average price is $80.88 and its 200 day moving average price is $81.84. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.83 and a quick ratio of 0.83.
SouthState Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, November 18th. Shareholders of record on Friday, November 11th were issued a $0.50 dividend. The ex-dividend date was Wednesday, November 9th. This represents a $2.00 annualized dividend and a dividend yield of 2.66%. SouthState’s dividend payout ratio is currently 32.10%.
Insider Buying and Selling at SouthState
In related news, Director G Ruffner Page, Jr. purchased 6,300 shares of the company’s stock in a transaction on Tuesday, December 13th. The shares were bought at an average price of $78.94 per share, with a total value of $497,322.00. Following the completion of the acquisition, the director now owns 58,935 shares of the company’s stock, valued at $4,652,328.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director G Ruffner Page, Jr. bought 6,300 shares of the business’s stock in a transaction on Tuesday, December 13th. The shares were bought at an average cost of $78.94 per share, with a total value of $497,322.00. Following the purchase, the director now directly owns 58,935 shares in the company, valued at $4,652,328.90. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Robert R. Hill, Jr. sold 5,000 shares of the business’s stock in a transaction on Monday, October 31st. The shares were sold at an average price of $90.00, for a total transaction of $450,000.00. Following the sale, the chairman now directly owns 72,393 shares in the company, valued at $6,515,370. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,249 shares of company stock valued at $2,071,200. Corporate insiders own 1.88% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on SSB shares. Piper Sandler upgraded SouthState from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $92.00 to $96.00 in a research report on Wednesday, September 28th. StockNews.com started coverage on SouthState in a research report on Wednesday, October 12th. They set a “hold” rating for the company. Raymond James boosted their price objective on SouthState from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 26th. Finally, Truist Financial reduced their price objective on SouthState from $103.00 to $96.00 in a research report on Friday, December 9th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $94.25.
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 accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.
- Get a free copy of the StockNews.com research report on SouthState (SSB)
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