Ingalls & Snyder LLC Sells 400 Shares of SouthState Co. (NASDAQ:SSB)

Ingalls & Snyder LLC trimmed its holdings in shares of SouthState Co. (NASDAQ:SSB) by 8.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,480 shares of the bank’s stock after selling 400 shares during the period. Ingalls & Snyder LLC’s holdings in SouthState were worth $446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC grew its holdings in SouthState by 1.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank’s stock worth $176,931,000 after acquiring an additional 31,340 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of SouthState by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after buying an additional 72,181 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of SouthState by 4.9% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank’s stock valued at $71,117,000 after buying an additional 34,194 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of SouthState by 3.7% in the 3rd quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock valued at $69,178,000 after buying an additional 25,495 shares in the last quarter. Finally, Segall Bryant & Hamill LLC boosted its holdings in shares of SouthState by 3.8% in the 3rd quarter. Segall Bryant & Hamill LLC now owns 622,084 shares of the bank’s stock valued at $60,454,000 after buying an additional 22,855 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the firm’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 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 SEC, which can be accessed through this link. 1.26% of the stock is currently owned by insiders.

SouthState Stock Performance

Shares of SouthState stock opened at $102.71 on Friday. The firm has a market capitalization of $7.84 billion, a P/E ratio of 14.76 and a beta of 0.70. 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 company has a 50 day moving average price of $102.48 and a 200 day moving average price of $99.85. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.26.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.10%. The ex-dividend date of this dividend is Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SSB shares. Stephens restated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a report on Friday, January 24th. Piper Sandler raised their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, October 25th. UBS Group started 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. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and raised their price target for the company from $106.00 to $128.00 in a report on Monday, January 27th. Finally, Truist Financial lowered their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating on the stock in a report on Monday, October 28th. 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 data from MarketBeat, SouthState currently has an average rating of “Moderate Buy” and a consensus price target of $115.44.

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.