SouthState Co. (NASDAQ:SSB) Shares Sold by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV decreased its position in shares of SouthState Co. (NASDAQ:SSB) by 4.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,645 shares of the bank’s stock after selling 345 shares during the quarter. Mercer Global Advisors Inc. ADV’s holdings in SouthState were worth $661,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Securities Group LLC purchased a new stake in SouthState in the 4th quarter valued at about $38,000. Aquatic Capital Management LLC purchased a new stake in SouthState in the 4th quarter valued at about $45,000. Quadrant Capital Group LLC raised its holdings in SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after buying an additional 99 shares during the period. Headlands Technologies LLC purchased a new stake in SouthState in the 4th quarter valued at about $102,000. Finally, Blue Trust Inc. raised its holdings in SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock valued at $113,000 after buying an additional 167 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Stock Down 1.1%

Shares of NASDAQ:SSB opened at $88.70 on Monday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The firm has a market capitalization of $9.00 billion, a PE ratio of 12.74 and a beta of 0.75. 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 firm’s 50-day moving average is $88.66 and its two-hundred day moving average is $98.10.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Stockholders of record on Friday, May 9th will be given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Friday, May 9th. SouthState’s dividend payout ratio is presently 34.12%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SSB. Barclays reduced their price objective on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Raymond James set a $110.00 price objective on shares of SouthState in a report on Monday, April 28th. Stephens reiterated an “overweight” rating and set a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. DA Davidson cut their price target on shares of SouthState from $125.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their price target on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 6th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $116.60.

Insider Transactions at SouthState

In other news, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares of the company’s stock, valued at approximately $482,433.86. The trade was a 29.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the stock in a transaction dated Monday, March 10th. The shares were bought at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the transaction, the director now owns 4,689 shares of the company’s stock, valued at approximately $431,481.78. This represents a 137.78% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company’s stock.

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.