Balyasny Asset Management L.P. Purchases Shares of 95,548 SouthState Co. (NASDAQ:SSB)

Balyasny Asset Management L.P. purchased a new stake in SouthState Co. (NASDAQ:SSB - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 95,548 shares of the bank's stock, valued at approximately $9,505,000. Balyasny Asset Management L.P. owned approximately 0.13% of SouthState as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Quadrant Capital Group LLC raised its position in SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares during the period. Louisiana State Employees Retirement System lifted its position in SouthState by 0.5% during the 4th quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock worth $2,109,000 after acquiring an additional 100 shares in the last quarter. Commonwealth Equity Services LLC boosted its holdings in SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock worth $949,000 after acquiring an additional 112 shares during the period. Bragg Financial Advisors Inc grew its position in SouthState by 4.3% in the fourth quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock valued at $276,000 after acquiring an additional 115 shares in the last quarter. Finally, CIBC Asset Management Inc lifted its holdings in SouthState by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after buying an additional 126 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Stock Performance

SSB stock traded up $3.04 during midday trading on Monday, reaching $91.78. The company had a trading volume of 885,407 shares, compared to its average volume of 641,138. The firm has a market capitalization of $9.31 billion, a PE ratio of 13.19 and a beta of 0.75. The stock has a 50 day moving average price of $88.61 and a 200 day moving average price of $98.07. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two 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.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Friday, May 9th will be paid a dividend of $0.54 per share. The ex-dividend date is Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.35%. SouthState's payout ratio is currently 34.12%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SSB shares. Barclays lowered their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Stephens restated an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Raymond James set a $110.00 price objective on shares of SouthState in a research note on Monday, April 28th. DA Davidson dropped their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Finally, Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and upped their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $116.60.

Insiders Place Their Bets

In related news, CAO Sara Arana sold 1,991 shares of SouthState 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 sale, the chief accounting officer now directly 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 document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Janet P. Froetscher bought 2,717 shares of the firm's stock in a transaction that occurred on Monday, March 10th. The stock was bought 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 $431,481.78. This represents a 137.78% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is owned by corporate insiders.

About SouthState

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.