Cibc World Markets Corp Invests $708,000 in SouthState Co. (NASDAQ:SSB)

Cibc World Markets Corp bought a new position in SouthState Co. (NASDAQ:SSB) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 7,117 shares of the bank’s stock, valued at approximately $708,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Stifel Financial Corp increased its stake in shares of SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank’s stock valued at $6,178,000 after buying an additional 6,062 shares during the period. JPMorgan Chase & Co. increased its stake in shares of SouthState by 2.5% in the third quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank’s stock valued at $39,736,000 after buying an additional 9,863 shares during the period. Fisher Asset Management LLC increased its stake in shares of SouthState by 3.7% in the third quarter. Fisher Asset Management LLC now owns 711,853 shares of the bank’s stock valued at $69,178,000 after buying an additional 25,495 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of SouthState in the fourth quarter valued at approximately $1,008,000. Finally, HighTower Advisors LLC increased its stake in shares of SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank’s stock valued at $1,083,000 after buying an additional 787 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of SSB stock opened at $92.55 on Friday. The company has a market cap of $9.38 billion, a price-to-earnings ratio of 13.30 and a beta of 0.68. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27. 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 firm has a 50 day moving average of $99.41 and a 200-day moving average of $100.54.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Friday, February 7th. SouthState’s dividend payout ratio (DPR) is 31.03%.

Insider Transactions at SouthState

In related news, CAO Sara Arana sold 1,991 shares of the stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the transaction, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. This trade represents a 29.37 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO William E. V. Matthews sold 6,531 shares of the 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 represents a 16.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on SSB shares. Stephens reaffirmed an “overweight” rating and issued a $130.00 price objective on shares of SouthState in a research note on Friday, March 7th. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and increased their target price for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, UBS Group began 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. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, SouthState presently 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.