1,030 Shares in SouthState Co. (NASDAQ:SSB) Bought by Headlands Technologies LLC

Headlands Technologies LLC purchased a new position in shares of SouthState Co. (NASDAQ:SSB) during the fourth quarter, Holdings Channel.com reports. The institutional investor purchased 1,030 shares of the bank’s stock, valued at approximately $102,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of SSB. Norges Bank bought a new position in shares of SouthState during the 4th quarter worth about $67,260,000. Assenagon Asset Management S.A. bought a new position in SouthState during the fourth quarter worth about $21,498,000. JPMorgan Chase & Co. boosted its holdings in SouthState by 51.4% during the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank’s stock valued at $61,569,000 after purchasing an additional 210,019 shares in the last quarter. Fisher Asset Management LLC grew its stake in shares of SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank’s stock valued at $84,703,000 after purchasing an additional 139,602 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of SouthState by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank’s stock worth $192,531,000 after buying an additional 93,312 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Price Performance

SSB opened at $81.47 on Monday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market capitalization of $8.26 billion, a P/E ratio of 11.70 and a beta of 0.65. The company’s 50 day simple moving average is $97.93 and its 200-day simple moving average is $100.33. SouthState Co. has a one year low of $70.68 and a one year high of $114.27.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.65%. SouthState’s payout ratio is 31.03%.

Insider Activity

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the firm’s stock in a transaction that occurred 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. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Janet P. Froetscher bought 2,717 shares of the company’s stock in a transaction on Monday, March 10th. The shares were acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the transaction, the director now directly owns 4,689 shares in the company, valued at approximately $431,481.78. The trade was 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.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SSB. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and boosted their price target for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Raymond James upgraded shares of SouthState from an “outperform” rating to a “strong-buy” rating and reduced their target price for the company from $120.00 to $115.00 in a research note on Wednesday, April 2nd. Stephens reiterated an “overweight” rating and set a $130.00 target price 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 issued a “buy” rating and a $132.00 price target on the stock. Finally, Barclays assumed coverage on shares of SouthState in a report on Tuesday, April 1st. They set an “overweight” rating and a $120.00 price objective for the company. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, SouthState currently has a consensus rating of “Moderate Buy” and an average target price of $118.40.

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.