Segall Bryant & Hamill LLC Sells 3,810 Shares of SouthState Co. (NASDAQ:SSB)

Segall Bryant & Hamill LLC lessened its position in SouthState Co. (NASDAQ:SSB) by 0.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 618,274 shares of the bank’s stock after selling 3,810 shares during the period. SouthState comprises about 0.8% of Segall Bryant & Hamill LLC’s portfolio, making the stock its 13th largest holding. Segall Bryant & Hamill LLC owned 0.81% of SouthState worth $61,506,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the company. 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 acquiring an additional 167 shares during the period. Stonebridge Financial Group LLC acquired a new position in shares of SouthState in the fourth quarter valued at approximately $137,000. Avior Wealth Management LLC increased its stake in shares of SouthState by 22,412.5% during the fourth quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock worth $179,000 after purchasing an additional 1,793 shares during the period. Central Pacific Bank Trust Division lifted its holdings in SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock worth $183,000 after purchasing an additional 250 shares during the last quarter. Finally, CIBC Asset Management Inc boosted its stake in SouthState by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock valued at $231,000 after purchasing an additional 126 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at SouthState

In related news, CAO Sara Arana sold 1,991 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the sale, the chief accounting officer now directly owns 4,787 shares of the company’s stock, valued at $482,433.86. This trade represents a 29.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Janet P. Froetscher bought 2,717 shares of the stock in a transaction on Monday, March 10th. The shares were acquired at an average cost of $92.02 per share, with a total value of $250,018.34. Following the purchase, 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. 1.70% of the stock is currently owned by insiders.

SouthState Trading Up 2.8 %

Shares of SouthState stock opened at $95.05 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. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company has a market capitalization of $9.63 billion, a price-to-earnings ratio of 13.66 and a beta of 0.68. The firm’s 50-day moving average price is $99.46 and its two-hundred day moving average price is $100.57.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a dividend of $0.54 per share. The ex-dividend date was Friday, February 7th. This represents a $2.16 annualized dividend and a dividend yield of 2.27%. SouthState’s dividend payout ratio is 31.03%.

Analyst Upgrades and Downgrades

SSB has been the topic of several recent research reports. Stephens reiterated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. UBS Group assumed coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Finally, Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Two 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 has a consensus rating of “Moderate Buy” and an average price target of $115.44.

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.