Css LLC Il Invests $3.08 Million in SouthState Co. (NASDAQ:SSB)

Css LLC Il acquired a new position in SouthState Co. (NASDAQ:SSB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 30,968 shares of the bank's stock, valued at approximately $3,081,000.

Several other hedge funds have also recently modified their holdings of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in SouthState by 3.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 275,027 shares of the bank's stock valued at $27,360,000 after acquiring an additional 9,449 shares during the period. Westwood Holdings Group Inc. boosted its position in shares of SouthState by 2,221.8% during the fourth quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock valued at $72,356,000 after buying an additional 696,014 shares during the period. Squarepoint Ops LLC bought a new position in SouthState in the 4th quarter valued at $4,170,000. Twinbeech Capital LP purchased a new position in SouthState in the 4th quarter worth about $280,000. Finally, ProShare Advisors LLC raised its stake in shares of SouthState by 41.2% during the fourth quarter. ProShare Advisors LLC now owns 24,990 shares of the bank's stock valued at $2,486,000 after acquiring an additional 7,295 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Stock Performance

Shares of SSB opened at $90.57 on Wednesday. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. 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 $9.19 billion, a PE ratio of 13.01 and a beta of 0.75. The business's fifty day moving average price is $88.63 and its 200 day moving average price is $97.78.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio is currently 34.12%.

Insider Activity

In other SouthState news, Director Janet P. Froetscher purchased 2,717 shares of the stock in a transaction on Monday, March 10th. The shares were purchased at an average price of $92.02 per share, with a total value of $250,018.34. Following the completion of 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 acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Sara Arana sold 1,991 shares of the business's 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 completion of the transaction, the chief accounting officer now owns 4,787 shares of the company's stock, valued at $482,433.86. The trade was a 29.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

SSB has been the topic of several analyst reports. Barclays cut their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Raymond James set a $110.00 price objective on shares of SouthState in a research note on Monday, April 28th. Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and increased their price target for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Truist Financial started coverage on SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price for the company. Finally, DA Davidson decreased 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. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $116.90.

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.

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