Janet P. Froetscher Purchases 2,717 Shares of SouthState Co. (NASDAQ:SSB) Stock

SouthState Co. (NASDAQ:SSB) Director Janet P. Froetscher acquired 2,717 shares of SouthState 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

SouthState Stock Down 0.2 %

SSB stock opened at $90.32 on Thursday. The company has a fifty day moving average price of $100.14 and a 200 day moving average price of $100.81. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. The company has a market cap of $9.16 billion, a price-to-earnings ratio of 12.98 and a beta of 0.68. 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 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 paid a $0.54 dividend. 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 currently 31.03%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Finally, Stephens reiterated an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.44.

Hedge Funds Weigh In On SouthState

Several institutional investors have recently bought and sold shares of the company. Quadrant Capital Group LLC increased its stake in SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after buying an additional 99 shares during the period. Louisiana State Employees Retirement System increased its stake in SouthState by 0.5% in the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after buying an additional 100 shares during the period. Commonwealth Equity Services LLC increased its stake in SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock valued at $949,000 after buying an additional 112 shares during the period. Bragg Financial Advisors Inc increased its stake in SouthState by 4.3% in the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock valued at $276,000 after buying an additional 115 shares during the period. Finally, CIBC Asset Management Inc increased its stake in SouthState by 5.7% in the 4th 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 period. 89.76% of the stock is owned by institutional investors and hedge funds.

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.