State of Alaska Department of Revenue Sells 115 Shares of SouthState Co. (NASDAQ:SSB)

State of Alaska Department of Revenue reduced its position in shares of SouthState Co. (NASDAQ:SSB) by 1.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,702 shares of the bank’s stock after selling 115 shares during the period. State of Alaska Department of Revenue’s holdings in SouthState were worth $865,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Inspire Investing LLC bought a new stake in SouthState in the third quarter worth about $286,000. Creative Planning raised its position in SouthState by 26.7% in the third quarter. Creative Planning now owns 18,196 shares of the bank’s stock worth $1,768,000 after acquiring an additional 3,831 shares during the period. nVerses Capital LLC bought a new stake in SouthState in the third quarter worth about $418,000. Trust Point Inc. raised its position in SouthState by 6.3% in the third quarter. Trust Point Inc. now owns 13,936 shares of the bank’s stock worth $1,354,000 after acquiring an additional 827 shares during the period. Finally, Builder Investment Group Inc. ADV bought a new stake in SouthState in the third quarter worth about $235,000. 89.76% of the stock is owned by institutional investors.

Insider Buying and Selling at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.26% of the stock is currently owned by company insiders.

SouthState Trading Down 0.3 %

Shares of SouthState stock opened at $102.71 on Friday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.26. The firm has a market cap of $7.84 billion, a PE ratio of 14.76 and a beta of 0.70. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The company has a 50 day simple moving average of $102.48 and a two-hundred day simple moving average of $99.85.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be given a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.10%. SouthState’s payout ratio is presently 31.03%.

Analyst Ratings Changes

Several analysts have commented on SSB shares. Piper Sandler lifted their price objective on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens reiterated an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, January 24th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a research note on Thursday, November 7th. Finally, UBS Group began coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 target price for the company. Two research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently 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.