Edgestream Partners L.P. Invests $2.61 Million in SouthState Co. (NASDAQ:SSB)

Edgestream Partners L.P. bought a new position in SouthState Co. (NASDAQ:SSB) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 26,247 shares of the bank’s stock, valued at approximately $2,611,000.

Other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. grew its stake in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after buying an additional 167 shares during the last quarter. Stonebridge Financial Group LLC purchased a new stake in shares of SouthState in the 4th quarter worth approximately $137,000. Avior Wealth Management LLC grew its stake in shares of SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock worth $179,000 after buying an additional 1,793 shares during the last quarter. Central Pacific Bank Trust Division grew its stake in shares of SouthState by 15.7% in the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock worth $183,000 after buying an additional 250 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of SouthState in the 3rd quarter worth approximately $207,000. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState

In other news, Director G Stacy Smith purchased 3,100 shares of the company’s stock in a transaction dated Thursday, March 6th. The shares were purchased at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the purchase, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction on Wednesday, January 29th. The stock was 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 approximately $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.26% of the company’s stock.

Analyst Ratings Changes

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

SouthState Stock Performance

SSB stock opened at $93.03 on Monday. The company has a market cap of $9.43 billion, a P/E ratio of 13.37 and a beta of 0.68. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.26. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock’s fifty day moving average price is $100.51 and its 200-day moving average price is $100.86.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.32%. SouthState’s dividend payout ratio (DPR) is currently 31.03%.

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.