Hudson Edge Investment Partners Inc. Reduces Stock Position in SouthState Co. (NASDAQ:SSB)

Hudson Edge Investment Partners Inc. reduced its holdings in SouthState Co. (NASDAQ:SSB) by 52.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,635 shares of the bank’s stock after selling 1,781 shares during the period. Hudson Edge Investment Partners Inc.’s holdings in SouthState were worth $163,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Blue Trust Inc. boosted its stake in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after purchasing an additional 167 shares during the period. Stonebridge Financial Group LLC purchased a new position in shares of SouthState during the 4th quarter worth about $137,000. International Assets Investment Management LLC boosted its stake in shares of SouthState by 9,620.0% during the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares during the period. Avior Wealth Management LLC boosted its stake in shares of SouthState by 22,412.5% during the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock worth $179,000 after purchasing an additional 1,793 shares during the period. Finally, Central Pacific Bank Trust Division boosted its stake in shares of SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock worth $183,000 after purchasing an additional 250 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Trading Down 2.1 %

NASDAQ:SSB opened at $99.19 on Friday. SouthState Co. has a one year low of $70.68 and a one year high of $114.26. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The firm has a market cap of $7.57 billion, a P/E ratio of 14.25 and a beta of 0.70. The firm has a 50-day simple moving average of $101.46 and a 200-day simple moving average of $100.23.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.18%. SouthState’s dividend payout ratio is currently 31.03%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SSB shares. UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Truist Financial decreased their price objective on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a report on Monday, October 28th. Stephens reiterated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a report on Friday, January 24th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and lifted 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 given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.44.

Insider Activity

In related 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 transaction of $707,241.99. Following the completion of the transaction, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. The trade was a 16.07 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.26% of the company’s stock.

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.