Janney Montgomery Scott LLC Trims Position in SouthState Co. (NASDAQ:SSB)

Janney Montgomery Scott LLC trimmed its position in SouthState Co. (NASDAQ:SSB) by 15.9% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 7,700 shares of the bank’s stock after selling 1,452 shares during the period. Janney Montgomery Scott LLC’s holdings in SouthState were worth $766,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Waldron Private Wealth LLC bought a new stake in SouthState during the 3rd quarter worth approximately $35,000. UMB Bank n.a. grew its position in shares of SouthState by 53.9% during the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank’s stock valued at $53,000 after purchasing an additional 192 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of SouthState by 9,620.0% in the third quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank’s stock worth $142,000 after purchasing an additional 1,443 shares during the period. Central Pacific Bank Trust Division raised its position in shares of SouthState by 15.7% in the fourth 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 in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in SouthState during the third quarter valued at $207,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Price Performance

Shares of SouthState stock opened at $106.63 on Friday. The company’s fifty day simple moving average is $102.88 and its two-hundred day simple moving average is $99.52. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.26. The firm has a market cap of $8.13 billion, a PE ratio of 15.32 and a beta of 0.70. 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 Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, February 7th will be issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.03%. The ex-dividend date of this dividend is Friday, February 7th. SouthState’s dividend payout ratio (DPR) is currently 31.03%.

Insider Transactions at SouthState

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. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of research analyst reports. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and upped their target price for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens restated an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research report on Friday, January 24th. UBS Group started coverage on shares of SouthState in a research report on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Hovde Group lowered shares of SouthState from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 13th. Finally, Piper Sandler raised their price objective on shares of SouthState from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, SouthState currently 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.