SouthState Co. (NASDAQ:SSB) Shares Sold by Abacus Planning Group Inc.

Abacus Planning Group Inc. decreased its stake in SouthState Co. (NASDAQ:SSB) by 4.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,286 shares of the bank’s stock after selling 113 shares during the period. Abacus Planning Group Inc.’s holdings in SouthState were worth $227,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. BIP Wealth LLC boosted its holdings in shares of SouthState by 605.2% in the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock valued at $3,054,000 after buying an additional 26,966 shares in the last quarter. Stifel Financial Corp boosted its holdings in shares of SouthState by 10.5% in the 3rd quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after buying an additional 6,062 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of SouthState by 2.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock valued at $39,736,000 after buying an additional 9,863 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, FNY Investment Advisers LLC acquired a new position in shares of SouthState in the 4th quarter valued at $1,008,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Down 0.6 %

Shares of SouthState stock opened at $102.60 on Thursday. The company has a market cap of $7.83 billion, a P/E ratio of 14.74 and a beta of 0.70. 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 Co. has a one year low of $70.68 and a one year high of $114.26. The firm has a fifty day moving average of $101.78 and a two-hundred day moving average of $100.06.

SouthState Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.11%. SouthState’s payout ratio is currently 31.03%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on SSB. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $120.00 target price (up previously from $115.00) on shares of SouthState in a report on Thursday, November 7th. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and increased their price target for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Truist Financial decreased their price target on shares of SouthState from $111.00 to $103.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Piper Sandler increased their price target on shares of SouthState from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, UBS Group initiated coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target for the company. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $115.44.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 6,531 shares of the 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 transaction, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.70% of the stock is owned by insiders.

SouthState Company 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.