Yousif Capital Management LLC Decreases Stock Position in SouthState Co. (NASDAQ:SSB)

Yousif Capital Management LLC decreased its holdings in shares of SouthState Co. (NASDAQ:SSB) by 4.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 26,810 shares of the bank’s stock after selling 1,105 shares during the period. Yousif Capital Management LLC’s holdings in SouthState were worth $2,667,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Assenagon Asset Management S.A. purchased a new stake in SouthState during the 4th quarter worth approximately $21,498,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in SouthState by 64.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock worth $25,809,000 after acquiring an additional 103,756 shares during the period. Stieven Capital Advisors L.P. purchased a new stake in SouthState during the 3rd quarter valued at about $9,086,000. Charles Schwab Investment Management Inc. increased its holdings in shares of SouthState by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after purchasing an additional 72,181 shares during the period. Finally, Prospector Partners LLC raised its stake in shares of SouthState by 52.8% in the third quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock worth $18,003,000 after purchasing an additional 64,013 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Ratings Changes

SSB has been the topic of a number of recent research reports. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 price objective (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Truist Financial decreased their target price on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research report on Monday, October 28th. UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Finally, Citigroup raised SouthState from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $106.00 to $128.00 in a report on Monday, January 27th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $115.44.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total value of $707,241.99. Following the sale, the chief financial officer now directly owns 34,107 shares in the company, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.26% of the stock is owned by insiders.

SouthState Stock Performance

Shares of SSB stock opened at $106.63 on Monday. The company has a market capitalization of $8.13 billion, a P/E ratio of 15.32 and a beta of 0.70. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The business’s 50 day moving average is $102.79 and its two-hundred day moving average is $99.73. 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 business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, February 7th will be paid a $0.54 dividend. The ex-dividend date is Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.03%. SouthState’s dividend payout ratio is currently 31.03%.

SouthState Company 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.