Arizona State Retirement System Has $2.20 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Arizona State Retirement System grew its position in SouthState Co. (NASDAQ:SSB) by 0.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 22,128 shares of the bank’s stock after buying an additional 184 shares during the period. Arizona State Retirement System’s holdings in SouthState were worth $2,201,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. increased its stake in shares of 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 buying an additional 167 shares during the period. Stonebridge Financial Group LLC bought a new position in shares of SouthState in the 4th quarter worth $137,000. Avior Wealth Management LLC boosted its position in shares of SouthState by 22,412.5% in 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 last quarter. Central Pacific Bank Trust Division boosted its position in shares of SouthState by 15.7% in 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 last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of SouthState in the 3rd quarter worth $207,000. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Stock Performance

SSB stock opened at $90.41 on Tuesday. The business’s 50-day moving average price is $100.51 and its two-hundred day moving average price is $100.86. 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 firm has a market cap of $9.16 billion, a PE ratio of 12.99 and a beta of 0.68. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.39%. SouthState’s dividend payout ratio is presently 31.03%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on SSB. UBS Group began coverage on SouthState in a research report on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and raised their price target for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $115.44.

Insider Buying and Selling at SouthState

In other SouthState 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 owns 34,107 shares of the company’s stock, valued at $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 available through the SEC website. Also, Director G Stacy Smith purchased 3,100 shares of the company’s stock in a transaction on Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the purchase, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. This trade represents a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 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.