Bridgefront Capital LLC Buys Shares of 10,345 SouthState Co. (NASDAQ:SSB)

Bridgefront Capital LLC bought a new stake in SouthState Co. (NASDAQ:SSB - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 10,345 shares of the bank's stock, valued at approximately $1,029,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. JPMorgan Chase & Co. boosted its stake in shares of SouthState by 2.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 408,894 shares of the bank's stock valued at $39,736,000 after buying an additional 9,863 shares during the last quarter. Central Pacific Bank Trust Division grew its holdings in SouthState by 15.7% during the 4th quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank's stock worth $183,000 after acquiring an additional 250 shares in the last quarter. Wealth Enhancement Advisory Services LLC increased its position in shares of SouthState by 1.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 20,057 shares of the bank's stock worth $1,949,000 after purchasing an additional 337 shares during the last quarter. Salem Investment Counselors Inc. raised its stake in shares of SouthState by 25.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 12,516 shares of the bank's stock valued at $1,245,000 after purchasing an additional 2,502 shares in the last quarter. Finally, Wedmont Private Capital lifted its position in shares of SouthState by 16.3% during the fourth quarter. Wedmont Private Capital now owns 2,786 shares of the bank's stock worth $258,000 after purchasing an additional 391 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Price Performance

Shares of SSB traded down $0.88 on Wednesday, hitting $87.26. The company's stock had a trading volume of 701,107 shares, compared to its average volume of 635,660. The company has a market capitalization of $8.84 billion, a PE ratio of 12.54 and a beta of 0.75. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. The company has a 50 day moving average price of $88.99 and a 200 day moving average price of $98.20. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Shareholders of record on Friday, May 9th will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend is Friday, May 9th. SouthState's dividend payout ratio is 34.12%.

Analyst Ratings Changes

SSB has been the topic of a number of recent research reports. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and raised their price target for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Barclays lowered their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their price objective on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday. DA Davidson dropped their target price on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, Stephens reissued an "overweight" rating and set a $119.00 price target on shares of SouthState in a report on Monday, April 28th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $116.60.

Insider Buying and Selling at SouthState

In related news, CAO Sara Arana sold 1,991 shares of SouthState 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 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Stacy Smith purchased 3,100 shares of the stock in a transaction on Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, with a total value of $290,160.00. Following the completion of the acquisition, the director now directly owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. This represents a 9.20 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.70% of the company's stock.

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.