Chicago Capital Management LLC Acquires New Holdings in SouthState Co. (NASDAQ:SSB)

Chicago Capital Management LLC bought a new position in shares of SouthState Co. (NASDAQ:SSB) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,131 shares of the bank’s stock, valued at approximately $610,000.

Other institutional investors have also made changes to their positions in the company. Natixis Advisors LLC raised its holdings in shares of SouthState by 11.9% in the 3rd quarter. Natixis Advisors LLC now owns 20,928 shares of the bank’s stock valued at $2,034,000 after buying an additional 2,226 shares during the period. Intech Investment Management LLC purchased a new stake in SouthState during the third quarter worth about $1,605,000. Charles Schwab Investment Management Inc. lifted its position in shares of SouthState by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock worth $95,999,000 after purchasing an additional 72,181 shares in the last quarter. Citigroup Inc. boosted its stake in shares of SouthState by 4.8% in the third quarter. Citigroup Inc. now owns 213,175 shares of the bank’s stock valued at $20,716,000 after purchasing an additional 9,693 shares during the period. Finally, Cerity Partners LLC grew its holdings in shares of SouthState by 22.0% in the third quarter. Cerity Partners LLC now owns 13,113 shares of the bank’s stock valued at $1,274,000 after purchasing an additional 2,365 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SSB has been the subject of several recent research reports. Stephens reissued an “overweight” rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and lifted their target price for the company from $106.00 to $128.00 in a report on Monday, January 27th. Finally, UBS Group started coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $115.44.

Insider Transactions at SouthState

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares of the company’s stock, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the sale, the chief accounting officer now owns 4,787 shares of the company’s stock, valued at $482,433.86. This trade represents a 29.37 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

SouthState Stock Performance

Shares of SouthState stock opened at $94.65 on Wednesday. The stock has a market capitalization of $9.59 billion, a price-to-earnings ratio of 13.60 and a beta of 0.68. The firm’s fifty day simple moving average is $99.41 and its 200-day simple moving average is $100.58. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were issued a $0.54 dividend. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.28%. SouthState’s payout ratio is 31.03%.

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.