SouthState Co. (NASDAQ:SSB) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets trimmed its stake in shares of SouthState Co. (NASDAQ:SSB) by 57.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,049 shares of the bank’s stock after selling 20,070 shares during the quarter. BNP Paribas Financial Markets’ holdings in SouthState were worth $1,497,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. HB Wealth Management LLC grew its holdings in SouthState by 2.4% in the 4th quarter. HB Wealth Management LLC now owns 16,163 shares of the bank’s stock worth $1,608,000 after buying an additional 384 shares in the last quarter. Liberty One Investment Management LLC bought a new position in SouthState in the 4th quarter worth approximately $799,000. Fort Washington Investment Advisors Inc. OH grew its holdings in SouthState by 20.4% in the 4th quarter. Fort Washington Investment Advisors Inc. OH now owns 201,229 shares of the bank’s stock worth $20,018,000 after buying an additional 34,080 shares in the last quarter. Sheets Smith Wealth Management grew its holdings in SouthState by 4.1% in the 4th quarter. Sheets Smith Wealth Management now owns 5,929 shares of the bank’s stock worth $590,000 after buying an additional 232 shares in the last quarter. Finally, Avior Wealth Management LLC grew its holdings in 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 buying an additional 1,793 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SSB. Barclays decreased their price objective on SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a report on Tuesday, April 8th. DA Davidson decreased their price objective on SouthState from $125.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 28th. Raymond James set a $110.00 price objective on SouthState in a report on Monday, April 28th. Keefe, Bruyette & Woods decreased their price target on SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Tuesday, May 6th. Finally, Truist Financial initiated coverage on SouthState in a research note on Tuesday, May 13th. They set a “buy” rating and a $106.00 price target for the company. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $116.90.

Insider Activity

In other news, CAO Sara Arana sold 1,991 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the sale, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. This represents a 29.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Janet P. Froetscher acquired 2,717 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were bought at an average price of $92.02 per share, with a total value of $250,018.34. Following the transaction, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. The trade was a 137.78% increase in their position. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $91.30 on Monday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The stock has a fifty day moving average price of $88.58 and a two-hundred day moving average price of $97.87. The firm has a market cap of $9.27 billion, a P/E ratio of 13.12 and a beta of 0.75. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.37%. SouthState’s dividend payout ratio (DPR) is presently 34.12%.

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.