Handelsbanken Fonder AB Buys 2,300 Shares of SouthState Co. (NASDAQ:SSB)

Handelsbanken Fonder AB raised its stake in SouthState Co. (NASDAQ:SSB) by 13.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,958 shares of the bank’s stock after buying an additional 2,300 shares during the period. Handelsbanken Fonder AB’s holdings in SouthState were worth $1,886,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc grew its holdings in shares of SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock valued at $231,000 after purchasing an additional 126 shares during the last quarter. Sanctuary Advisors LLC grew its holdings in shares of SouthState by 38.8% during the 4th quarter. Sanctuary Advisors LLC now owns 3,782 shares of the bank’s stock valued at $401,000 after purchasing an additional 1,057 shares during the last quarter. Stieven Capital Advisors L.P. grew its holdings in shares of SouthState by 13.6% during the 4th quarter. Stieven Capital Advisors L.P. now owns 106,200 shares of the bank’s stock valued at $10,565,000 after purchasing an additional 12,700 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of SouthState by 1.6% during the 4th quarter. Rhumbline Advisers now owns 258,068 shares of the bank’s stock valued at $25,673,000 after purchasing an additional 3,954 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of SouthState by 34.1% during the 4th quarter. Van ECK Associates Corp now owns 58,540 shares of the bank’s stock valued at $5,824,000 after purchasing an additional 14,894 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on SSB. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and increased their target price for the company from $106.00 to $128.00 in a report on Monday, January 27th. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of SouthState in a report on Friday, January 24th. UBS Group assumed coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $120.00 price target (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState Trading Up 1.0 %

NASDAQ:SSB opened at $99.70 on Wednesday. The company has a 50-day moving average price of $101.14 and a 200-day moving average price of $100.47. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market cap of $7.61 billion, a price-to-earnings ratio of 14.32 and a beta of 0.70.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.17%. SouthState’s dividend payout ratio is 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.