Fisher Asset Management LLC Purchases 139,602 Shares of SouthState Co. (NASDAQ:SSB)

Fisher Asset Management LLC boosted its position in SouthState Co. (NASDAQ:SSB) by 19.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 851,455 shares of the bank’s stock after acquiring an additional 139,602 shares during the quarter. Fisher Asset Management LLC’s holdings in SouthState were worth $84,703,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SSB. BIP Wealth LLC grew its stake in shares of SouthState by 605.2% during the third 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 during the last quarter. Stifel Financial Corp grew its stake in shares of SouthState by 10.5% during the third 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 during the last quarter. JPMorgan Chase & Co. grew its stake in shares of SouthState by 2.5% during the third 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 during the last quarter. FNY Investment Advisers LLC bought a new position in shares of SouthState during the fourth quarter valued at about $1,008,000. Finally, HighTower Advisors LLC grew its stake in shares of SouthState by 7.6% during the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after buying an additional 787 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

SouthState stock opened at $100.73 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.26. The firm has a 50-day moving average of $101.13 and a 200-day moving average of $100.55. The firm has a market cap of $7.68 billion, a P/E ratio of 14.47 and a beta of 0.70.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a yield of 2.14%. SouthState’s dividend payout ratio (DPR) is presently 31.03%.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the firm’s 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 sale, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.26% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Hovde Group cut SouthState from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 13th. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the company from $106.00 to $128.00 in a research note on Monday, January 27th. UBS Group started coverage on shares of SouthState in a report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $120.00 target price (up from $115.00) on shares of SouthState in a report on Thursday, November 7th. Finally, Stephens reiterated an “overweight” rating and set a $130.00 target price on shares of SouthState in a report on Friday, January 24th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus 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.