Skandinaviska Enskilda Banken AB publ Purchases New Shares in SouthState Co. (NASDAQ:SSB)

Skandinaviska Enskilda Banken AB publ acquired a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 6,955 shares of the bank’s stock, valued at approximately $699,000.

A number of other hedge funds have also recently bought and sold shares of SSB. Blue Trust Inc. grew its holdings in shares of SouthState by 16.8% in the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after acquiring an additional 167 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in SouthState in the 4th quarter valued at $137,000. Avior Wealth Management LLC increased its position in shares of SouthState by 22,412.5% during the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after purchasing an additional 1,793 shares during the last quarter. Central Pacific Bank Trust Division raised its stake in shares of SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock worth $183,000 after purchasing an additional 250 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in shares of SouthState in the 3rd quarter worth about $207,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other SouthState news, CAO Sara Arana sold 1,991 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. This represents a 29.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Janet P. Froetscher purchased 2,717 shares of SouthState stock in a transaction dated Monday, March 10th. The shares were purchased at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of the transaction, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. This represents a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.26% of the stock is currently owned by insiders.

Analyst Ratings Changes

SSB has been the subject of a number of research analyst reports. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Stephens restated an “overweight” rating and set a $130.00 price target on shares of SouthState in a research note on Friday, March 7th. Finally, UBS Group began coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective on the stock. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.44.

SouthState Stock Up 1.3 %

SouthState stock opened at $92.77 on Tuesday. The firm has a 50 day simple moving average of $99.60 and a 200 day simple moving average of $100.67. 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 Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The firm has a market capitalization of $9.40 billion, a price-to-earnings ratio of 13.33 and a beta of 0.68.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors 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 dividend on an annualized basis and a dividend yield of 2.33%. SouthState’s payout ratio is 31.03%.

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.