PNC Financial Services Group Inc. Has $479,000 Stock Holdings in SouthState Co. (NASDAQ:SSB)

PNC Financial Services Group Inc. cut its stake in SouthState Co. (NASDAQ:SSB) by 17.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,817 shares of the bank’s stock after selling 993 shares during the period. PNC Financial Services Group Inc.’s holdings in SouthState were worth $479,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SSB. Blue Trust Inc. raised its holdings in 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 acquiring an additional 167 shares in the last quarter. Stonebridge Financial Group LLC acquired a new position in SouthState in the 4th quarter valued at $137,000. Avior Wealth Management LLC raised its holdings in SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after acquiring an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division raised its holdings in SouthState by 15.7% in the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after acquiring an additional 250 shares in the last quarter. Finally, CIBC Asset Management Inc acquired a new position in SouthState in the 3rd quarter valued at $214,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the sale, the chief accounting officer now owns 4,787 shares in the company, valued at $482,433.86. The trade was a 29.37 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director G Stacy Smith purchased 3,100 shares of SouthState stock in a transaction on Thursday, March 6th. The stock was bought at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their position. The disclosure for this purchase can be found here. 1.26% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. Stephens reissued an “overweight” rating and set a $130.00 price target on shares of SouthState in a report on Friday, March 7th. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Finally, UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target 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 a consensus rating of “Moderate Buy” and an average target price of $115.44.

SouthState Trading Up 2.1 %

Shares of SSB stock opened at $94.54 on Thursday. The firm has a market capitalization of $9.58 billion, a P/E ratio of 13.58 and a beta of 0.68. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock’s fifty day simple moving average is $99.49 and its 200 day simple moving average is $100.60.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given 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 yield of 2.28%. 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.