Jupiter Asset Management Ltd. acquired a new stake in shares of SouthState Co. (NASDAQ:SSB – Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 44,284 shares of the bank’s stock, valued at approximately $2,912,000. Jupiter Asset Management Ltd. owned approximately 0.06% of SouthState as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oakworth Capital Inc. purchased a new position in shares of SouthState in the second quarter worth about $25,000. Godsey & Gibb Inc. increased its position in SouthState by 400.0% during the second quarter. Godsey & Gibb Inc. now owns 600 shares of the bank’s stock worth $39,000 after purchasing an additional 480 shares during the last quarter. Rockefeller Capital Management L.P. increased its position in SouthState by 37.4% during the fourth quarter. Rockefeller Capital Management L.P. now owns 591 shares of the bank’s stock worth $45,000 after purchasing an additional 161 shares during the last quarter. Ensign Peak Advisors Inc acquired a new stake in SouthState during the first quarter worth about $54,000. Finally, Spire Wealth Management increased its position in SouthState by 47.8% during the first quarter. Spire Wealth Management now owns 1,052 shares of the bank’s stock worth $75,000 after purchasing an additional 340 shares during the last quarter. 88.47% of the stock is owned by hedge funds and other institutional investors.
SouthState Stock Up 0.6 %
Shares of SouthState stock opened at $75.40 on Friday. SouthState Co. has a 52-week low of $59.51 and a 52-week high of $88.29. The company has a 50 day moving average of $68.56 and a 200 day moving average of $69.39. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.05. The company has a market capitalization of $5.74 billion, a P/E ratio of 10.85 and a beta of 0.79.
SouthState Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, November 17th. Stockholders of record on Friday, November 10th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Thursday, November 9th. This represents a $2.08 annualized dividend and a dividend yield of 2.76%. SouthState’s dividend payout ratio is presently 29.93%.
Analyst Ratings Changes
Several equities research analysts recently issued reports on the stock. Raymond James cut their price objective on shares of SouthState from $85.00 to $80.00 and set an “outperform” rating for the company in a research report on Monday, October 30th. StockNews.com assumed coverage on shares of SouthState in a research report on Thursday, October 5th. They set a “sell” rating for the company. Finally, Truist Financial cut shares of SouthState from a “buy” rating to a “hold” rating and dropped their price objective for the company from $86.00 to $73.00 in a report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, SouthState has a consensus rating of “Hold” and an average price target of $80.50.
Insider Transactions at SouthState
In other news, insider Greg A. Lapointe sold 2,600 shares of SouthState stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $75.82, for a total value of $197,132.00. Following the transaction, the insider now directly owns 21,076 shares of the company’s stock, valued at approximately $1,597,982.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Greg A. Lapointe sold 2,600 shares of SouthState stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $75.82, for a total value of $197,132.00. Following the transaction, the insider now directly owns 21,076 shares of the company’s stock, valued at approximately $1,597,982.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Ruffner Page, Jr. bought 2,633 shares of the business’s stock in a transaction dated Monday, November 13th. The stock was acquired at an average cost of $68.93 per share, for a total transaction of $181,492.69. Following the completion of the acquisition, the director now directly owns 76,811 shares in the company, valued at $5,294,582.23. The disclosure for this purchase can be found here. Insiders own 1.26% of the company’s stock.
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.
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