Hudson Edge Investment Partners Inc. Reduces Position in SouthState Co. (NASDAQ:SSB)

Hudson Edge Investment Partners Inc. lessened its stake in shares of SouthState Co. (NASDAQ:SSB) by 52.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,635 shares of the bank’s stock after selling 1,781 shares during the period. Hudson Edge Investment Partners Inc.’s holdings in SouthState were worth $163,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BIP Wealth LLC grew its position in SouthState by 605.2% during the 3rd quarter. BIP Wealth LLC now owns 31,422 shares of the bank’s stock worth $3,054,000 after purchasing an additional 26,966 shares during 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 acquiring an additional 6,062 shares during 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 acquiring an additional 9,863 shares during 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 acquiring an additional 25,495 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new stake in shares of SouthState in the 4th quarter valued at $1,008,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $99.19 on Friday. The company’s fifty day moving average price is $101.46 and its 200 day moving average price is $100.23. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.26. The company has a market capitalization of $7.57 billion, a PE ratio of 14.25 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 Announces Dividend

The business 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. This represents a $2.16 dividend on an annualized basis and a yield of 2.18%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on SSB shares. Truist Financial dropped their price objective 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. Stephens reaffirmed an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a report on Friday, January 24th. Hovde Group downgraded shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $120.00 price objective (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and upped their price objective for the company from $106.00 to $128.00 in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $115.44.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the company’s stock in a transaction 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 in the company, valued at approximately $3,693,447.03. This represents a 16.07 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.26% of the stock is currently owned by company 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.