Ingalls & Snyder LLC Cuts Stock Holdings in SouthState Co. (NASDAQ:SSB)

Ingalls & Snyder LLC trimmed its position in shares of SouthState Co. (NASDAQ:SSB) by 8.2% in the 4th quarter, Holdings Channel.com reports. The firm 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 institutional investors have also recently made changes to their positions in the company. Louisiana State Employees Retirement System increased its holdings in shares of SouthState by 0.5% during the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after purchasing an additional 100 shares in the last quarter. Caprock Group LLC increased its holdings in shares of SouthState by 5.8% during the 4th quarter. Caprock Group LLC now owns 2,567 shares of the bank’s stock valued at $255,000 after purchasing an additional 140 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after purchasing an additional 167 shares in the last quarter. Chicago Partners Investment Group LLC increased its holdings in shares of SouthState by 7.0% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,837 shares of the bank’s stock valued at $274,000 after purchasing an additional 186 shares in the last quarter. Finally, Pacer Advisors Inc. grew its stake in SouthState by 1.9% in the 4th quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock valued at $1,131,000 after acquiring an additional 207 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. The trade was a 16.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.26% of the stock is currently owned by corporate insiders.

SouthState Trading Down 0.3 %

Shares of SSB opened at $102.71 on Friday. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.26. 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 firm’s fifty day moving average is $102.48 and its two-hundred day moving average is $99.85. The stock has a market cap of $7.84 billion, a PE ratio of 14.76 and a beta of 0.70.

SouthState Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms recently issued reports on SSB. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and lifted their price target for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Hovde Group cut shares of SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. UBS Group began coverage on shares of SouthState in a research note on Tuesday, December 17th. They issued a “buy” rating and a $132.00 price target on the stock. Stephens reissued an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research note on Friday, January 24th. Finally, Piper Sandler lifted their price target on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, SouthState currently has a consensus rating of “Moderate Buy” and an average target price of $115.44.

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.