SouthState Co. (NASDAQ:SSB) Stock Holdings Lessened by Channing Capital Management LLC

Channing Capital Management LLC reduced its position in shares of SouthState Co. (NASDAQ:SSB) by 9.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,000,112 shares of the bank’s stock after selling 101,127 shares during the period. SouthState accounts for approximately 2.7% of Channing Capital Management LLC’s portfolio, making the stock its 4th largest position. Channing Capital Management LLC owned 1.31% of SouthState worth $99,491,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Atria Investments Inc grew its position in shares of SouthState by 17.1% in the 3rd quarter. Atria Investments Inc now owns 6,297 shares of the bank’s stock worth $612,000 after buying an additional 919 shares during the last quarter. Legacy Capital Wealth Partners LLC purchased a new stake in SouthState in the third quarter worth $228,000. Crossmark Global Holdings Inc. boosted its holdings in SouthState by 46.2% in the third quarter. Crossmark Global Holdings Inc. now owns 5,830 shares of the bank’s stock valued at $567,000 after acquiring an additional 1,842 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in SouthState during the 3rd quarter valued at $207,000. Finally, KBC Group NV increased its position in SouthState by 16.3% during the 3rd quarter. KBC Group NV now owns 2,296 shares of the bank’s stock valued at $223,000 after purchasing an additional 321 shares during the period. 89.76% of the stock is owned by institutional investors.

Insider Buying and Selling

In other SouthState news, Director G Stacy Smith purchased 3,100 shares of the firm’s stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the purchase, the director now directly owns 36,779 shares of the company’s stock, valued at $3,442,514.40. This trade represents a 9.20 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, 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 value of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.26% of the stock is currently owned by company insiders.

SouthState Stock Down 2.7 %

SSB stock opened at $90.41 on Tuesday. 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 business has a 50 day moving average of $100.51 and a 200 day moving average of $100.86. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The firm has a market cap of $9.16 billion, a PE ratio of 12.99 and a beta of 0.68.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SSB. Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of SouthState in a research note on Friday. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Hovde Group lowered SouthState from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 13th. Finally, UBS Group assumed coverage on SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $115.44.

SouthState 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.