California Public Employees Retirement System Has $12.91 Million Stock Holdings in SouthState Co. (NASDAQ:SSB)

California Public Employees Retirement System reduced its holdings in SouthState Co. (NASDAQ:SSB) by 8.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 129,755 shares of the bank’s stock after selling 11,297 shares during the period. California Public Employees Retirement System owned approximately 0.17% of SouthState worth $12,908,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Louisiana State Employees Retirement System increased its position in SouthState by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock worth $2,109,000 after acquiring an additional 100 shares during the period. Commonwealth Equity Services LLC increased its holdings in shares of SouthState by 1.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock worth $949,000 after purchasing an additional 112 shares during the period. CIBC Asset Management Inc raised its position in shares of SouthState by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock valued at $231,000 after buying an additional 126 shares during the last quarter. Caprock Group LLC lifted its stake in shares of SouthState by 5.8% in the fourth quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock valued at $255,000 after buying an additional 140 shares during the period. Finally, Oppenheimer Asset Management Inc. increased its stake in SouthState by 0.6% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 22,635 shares of the bank’s stock valued at $2,252,000 after acquiring an additional 141 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction on Wednesday, January 29th. The stock was 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director G Stacy Smith purchased 3,100 shares of the business’s stock in a transaction dated Thursday, March 6th. The shares were 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 of the company’s stock, valued at $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. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SSB shares. Stephens reiterated an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. Barclays began coverage on shares of SouthState in a research note on Tuesday, April 1st. They set an “overweight” rating and a $120.00 price target on the stock. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Raymond James upgraded shares of SouthState from an “outperform” rating to a “strong-buy” rating and cut their price target for the stock from $120.00 to $115.00 in a research note on Wednesday. Finally, UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, SouthState currently has an average rating of “Moderate Buy” and an average target price of $118.40.

SouthState Stock Down 3.7 %

Shares of SSB opened at $81.47 on Friday. The business’s 50 day simple moving average is $97.93 and its 200-day simple moving average is $100.32. SouthState Co. has a one year low of $70.68 and a one year high of $114.27. The company has a market capitalization of $8.26 billion, a P/E ratio of 11.70 and a beta of 0.65. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.65%. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

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.