Perigon Wealth Management LLC Makes New Investment in SouthState Co. (NASDAQ:SSB)

Perigon Wealth Management LLC purchased a new position in shares of SouthState Co. (NASDAQ:SSB) during the 4th quarter, HoldingsChannel reports. The firm purchased 2,363 shares of the bank’s stock, valued at approximately $233,000.

Other large investors also recently bought and sold shares of the company. BIP Wealth LLC boosted its position in shares of SouthState by 605.2% during the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after acquiring an additional 26,966 shares in the last quarter. Stifel Financial Corp boosted its position in shares of SouthState by 10.5% during the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock worth $6,178,000 after acquiring an additional 6,062 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of SouthState by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock worth $39,736,000 after acquiring an additional 9,863 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of SouthState by 3.7% during the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock worth $69,178,000 after acquiring an additional 25,495 shares in the last quarter. Finally, FNY Investment Advisers LLC acquired a new stake in shares of SouthState in the 4th quarter valued at about $1,008,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Activity

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the sale, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.26% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on SSB shares. UBS Group started coverage on SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price for the company. Truist Financial decreased their target price on SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and upped their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Piper Sandler upped their target price on SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Keefe, Bruyette & Woods reissued 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 equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Stock Performance

NASDAQ SSB opened at $105.45 on Monday. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The company has a market capitalization of $8.05 billion, a P/E ratio of 15.15 and a beta of 0.70. The business has a 50 day moving average price of $103.34 and a 200 day moving average price of $99.21. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, February 7th will be given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Friday, February 7th. SouthState’s dividend payout ratio is currently 31.03%.

SouthState Profile

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.