Insider Selling: SouthState Co. (NASDAQ:SSB) CAO Sells 1,991 Shares of Stock

SouthState Co. (NASDAQ:SSB) CAO Sara Arana sold 1,991 shares of SouthState stock in a transaction on 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 sale, the chief accounting officer now directly owns 4,787 shares of the company’s stock, valued at approximately $482,433.86. This represents a 29.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

SouthState Price Performance

Shares of SSB stock opened at $94.63 on Thursday. The firm has a fifty day simple moving average of $100.99 and a 200-day simple moving average of $100.83. The company has a market capitalization of $9.59 billion, a PE ratio of 13.60 and a beta of 0.70. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and lifted their price target for the company from $106.00 to $128.00 in a report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and set a $130.00 price target on shares of SouthState in a research report on Friday, January 24th. 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. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Finally, Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 target price (up from $115.00) on shares of SouthState in a research report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, SouthState has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

Institutional Trading of SouthState

Hedge funds and other institutional investors have recently modified their holdings of the business. Summit Securities Group LLC acquired a new stake in SouthState during the 4th quarter valued at approximately $38,000. Aquatic Capital Management LLC acquired a new position in shares of SouthState in the 4th quarter valued at approximately $45,000. Quadrant Capital Group LLC boosted its stake in shares of SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after buying an additional 99 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of SouthState during the fourth quarter worth approximately $102,000. Finally, Blue Trust Inc. increased its stake in shares of SouthState by 16.8% in the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after buying an additional 167 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.