Oppenheimer Asset Management Inc. Grows Position in SouthState Co. (NASDAQ:SSB)

Oppenheimer Asset Management Inc. lifted its stake in SouthState Co. (NASDAQ:SSBFree Report) by 5.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,106 shares of the bank’s stock after purchasing an additional 1,404 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in SouthState were worth $1,758,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. boosted its holdings in shares of SouthState by 2.7% in the 2nd quarter. BlackRock Inc. now owns 9,170,726 shares of the bank’s stock worth $603,434,000 after purchasing an additional 243,709 shares during the period. Vanguard Group Inc. lifted its stake in shares of SouthState by 3.7% during the 3rd quarter. Vanguard Group Inc. now owns 8,205,703 shares of the bank’s stock worth $649,235,000 after acquiring an additional 290,494 shares during the last quarter. Capital Research Global Investors lifted its stake in shares of SouthState by 30.9% during the 1st quarter. Capital Research Global Investors now owns 4,051,286 shares of the bank’s stock worth $330,544,000 after acquiring an additional 955,920 shares during the last quarter. State Street Corp lifted its stake in shares of SouthState by 8.8% during the 2nd quarter. State Street Corp now owns 3,703,130 shares of the bank’s stock worth $243,666,000 after acquiring an additional 300,359 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in shares of SouthState by 1.2% during the 3rd quarter. Victory Capital Management Inc. now owns 2,884,632 shares of the bank’s stock worth $194,309,000 after acquiring an additional 35,291 shares during the last quarter. Hedge funds and other institutional investors own 88.47% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SSB. Truist Financial raised their price target on SouthState from $72.00 to $93.00 and gave the stock a “hold” rating in a research note on Friday, December 15th. Stephens began coverage on SouthState in a research report on Tuesday, December 19th. They set an “equal weight” rating and a $78.00 target price for the company. DA Davidson reaffirmed a “buy” rating and set a $102.00 target price (up from $96.00) on shares of SouthState in a research report on Monday, January 29th. UBS Group lifted their target price on SouthState from $88.00 to $90.00 and gave the company a “neutral” rating in a research report on Monday, January 29th. Finally, Raymond James lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, SouthState has a consensus rating of “Hold” and an average price target of $88.83.

View Our Latest Stock Report on SouthState

Insiders Place Their Bets

In other SouthState news, Director G Ruffner Page, Jr. purchased 2,633 shares of the stock in a transaction on Monday, November 13th. The stock was acquired at an average price of $68.93 per share, with a total value of $181,492.69. Following the completion of the acquisition, the director now owns 76,811 shares in the company, valued at $5,294,582.23. The acquisition was disclosed in a filing with the SEC, which is available at this link. In other news, Director G Ruffner Page, Jr. bought 2,633 shares of the firm’s stock in a transaction that occurred on Monday, November 13th. The stock was purchased at an average price of $68.93 per share, with a total value of $181,492.69. Following the completion of the acquisition, the director now directly owns 76,811 shares of the company’s stock, valued at approximately $5,294,582.23. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Renee R. Brooks sold 4,025 shares of SouthState stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $85.62, for a total value of $344,620.50. Following the sale, the chief operating officer now directly owns 31,747 shares of the company’s stock, valued at approximately $2,718,178.14. The disclosure for this sale can be found here. Corporate insiders own 1.26% of the company’s stock.

SouthState Price Performance

Shares of NASDAQ SSB opened at $79.67 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.88 and a current ratio of 0.88. The company has a market cap of $6.06 billion, a PE ratio of 11.64 and a beta of 0.75. The business has a 50-day simple moving average of $82.32 and a two-hundred day simple moving average of $75.04. SouthState Co. has a fifty-two week low of $59.51 and a fifty-two week high of $87.77.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 16th. Shareholders of record on Friday, February 9th will be issued a $0.52 dividend. This represents a $2.08 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend is Thursday, February 8th. SouthState’s dividend payout ratio is presently 32.20%.

SouthState Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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