Deutsche Bank AG Purchases 21,114 Shares of SouthState Co. (NASDAQ:SSB)

Deutsche Bank AG lifted its position in SouthState Co. (NASDAQ:SSB) by 33.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,133 shares of the bank’s stock after buying an additional 21,114 shares during the period. Deutsche Bank AG’s holdings in SouthState were worth $8,370,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Summit Securities Group LLC acquired a new position in SouthState in the 4th quarter worth $38,000. Aquatic Capital Management LLC acquired a new position in SouthState in the 4th quarter worth $45,000. Quadrant Capital Group LLC boosted its stake in SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after purchasing an additional 99 shares during the period. Headlands Technologies LLC acquired a new position in shares of SouthState during the 4th quarter worth about $102,000. Finally, Blue Trust Inc. boosted its stake in shares of SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after buying an additional 167 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Up 0.3%

Shares of SSB stock opened at $91.30 on Friday. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The firm’s 50-day moving average is $88.58 and its 200-day moving average is $97.89. The stock has a market cap of $9.27 billion, a price-to-earnings ratio of 13.12 and a beta of 0.75. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.27.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.37%. SouthState’s payout ratio is 34.12%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Barclays reduced their price objective on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Truist Financial assumed coverage on shares of SouthState in a research note on Tuesday. They set a “buy” rating and a $106.00 price objective for the company. Stephens restated an “overweight” rating and set a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Tuesday, May 6th. Finally, Raymond James set a $110.00 price objective on shares of SouthState in a research note on Monday, April 28th. One analyst has rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $116.90.

Insider Buying and Selling at SouthState

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