Janet P. Froetscher Acquires 2,717 Shares of SouthState Co. (NASDAQ:SSB) Stock

SouthState Co. (NASDAQ:SSB) Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the purchase, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

SouthState Stock Performance

NASDAQ SSB opened at $90.77 on Wednesday. The stock has a market cap of $9.20 billion, a PE ratio of 13.04 and a beta of 0.68. 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 twelve month low of $70.68 and a twelve month high of $114.27. The stock has a fifty day simple moving average of $100.31 and a 200-day simple moving average of $100.85.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio (DPR) is 31.03%.

Hedge Funds Weigh In On SouthState

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

Analysts Set New Price Targets

SSB has been the subject of several research analyst reports. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and upped their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens reissued an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research note on Friday, March 7th. Hovde Group downgraded SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. 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 for the company. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $115.44.

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.