Bridgeway Capital Management LLC Invests $3.64 Million in SouthState Co. (NASDAQ:SSB)

Bridgeway Capital Management LLC purchased a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 36,624 shares of the bank's stock, valued at approximately $3,643,000.

A number of other hedge funds have also bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position in SouthState by 5.7% in the fourth quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock worth $76,982,000 after purchasing an additional 42,041 shares during the period. FNY Investment Advisers LLC acquired a new position in SouthState during the fourth quarter worth about $1,008,000. Capital Research Global Investors acquired a new position in SouthState during the fourth quarter worth about $60,311,000. HighTower Advisors LLC raised its position in SouthState by 33.4% in the fourth quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock worth $1,480,000 after acquiring an additional 3,724 shares in the last quarter. Finally, Natixis Advisors LLC lifted its holdings in SouthState by 74.4% in the 4th quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock valued at $3,631,000 after acquiring an additional 15,573 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction dated Thursday, March 6th. The shares were acquired at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the transaction, the director now owns 36,779 shares in the company, valued at approximately $3,442,514.40. This trade represents a 9.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Janet P. Froetscher bought 2,717 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was acquired at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, the director now owns 4,689 shares of the company's stock, valued at $431,481.78. This trade 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 insiders.

Wall Street Analyst Weigh In

SSB has been the subject of several research reports. Barclays reduced 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. Raymond James set a $110.00 price target on SouthState in a research report on Monday, April 28th. DA Davidson cut their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Stephens reaffirmed an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Finally, Keefe, Bruyette & Woods dropped their target price on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Two research 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's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $116.60.

SouthState Stock Up 3.4%

Shares of SouthState stock traded up $3.04 during trading on Monday, hitting $91.78. 885,407 shares of the stock traded hands, compared to its average volume of 641,137. The stock has a market cap of $9.31 billion, a P/E ratio of 13.19 and a beta of 0.75. The company has a fifty day moving average price of $88.61 and a two-hundred day moving average price of $98.07. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 16th. Stockholders 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 annualized dividend and a dividend yield of 2.35%. SouthState's dividend payout ratio (DPR) is presently 34.12%.

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.