Virtu Financial LLC Acquires New Shares in SouthState Co. (NASDAQ:SSB)

Virtu Financial LLC acquired a new stake in SouthState Co. (NASDAQ:SSB) in the fourth quarter, according to its most recent filing with the SEC. The fund acquired 10,510 shares of the bank’s stock, valued at approximately $1,045,000.

A number of other hedge funds have also bought and sold shares of SSB. Blue Trust Inc. grew its stake 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 in the last quarter. Stonebridge Financial Group LLC purchased a new position in shares of SouthState during the 4th quarter valued at $137,000. Avior Wealth Management LLC grew its position in shares of SouthState by 22,412.5% during the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after purchasing an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division grew its position in shares of SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank’s stock valued at $183,000 after purchasing an additional 250 shares in the last quarter. Finally, CIBC Asset Management Inc grew its position in shares of SouthState by 5.7% during 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 in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Sara Arana sold 1,991 shares of the business’s stock in a transaction dated 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 owns 4,787 shares in the company, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

SouthState Stock Performance

SouthState stock opened at $92.55 on Monday. 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 company has a market capitalization of $9.38 billion, a PE ratio of 13.30 and a beta of 0.68. The firm has a fifty day simple moving average of $99.41 and a two-hundred day simple moving average of $100.58. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.33%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Stephens restated an “overweight” rating and set a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. 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 price target for the company. Finally, Citigroup upgraded shares of 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 report on Monday, January 27th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average 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.