GAMMA Investing LLC Has $10.10 Million Stock Position in SouthState Co. (NASDAQ:SSB)

GAMMA Investing LLC boosted its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 15,507.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,785 shares of the bank's stock after buying an additional 108,088 shares during the period. GAMMA Investing LLC owned approximately 0.11% of SouthState worth $10,097,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. The Manufacturers Life Insurance Company raised its position in SouthState by 5.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock valued at $76,982,000 after buying an additional 42,041 shares during the period. Capital Research Global Investors acquired a new position in SouthState during the fourth quarter valued at $60,311,000. HighTower Advisors LLC raised its position in SouthState by 33.4% during the fourth quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock valued at $1,480,000 after buying an additional 3,724 shares during the period. Howard Financial Services LTD. acquired a new position in SouthState during the first quarter valued at $1,515,000. Finally, Natixis Advisors LLC raised its position in SouthState by 74.4% during the fourth quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock valued at $3,631,000 after buying an additional 15,573 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Price Performance

Shares of NASDAQ:SSB opened at $89.68 on Friday. The business has a 50 day moving average price of $87.32 and a 200 day moving average price of $96.20. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The company has a market cap of $9.10 billion, a price-to-earnings ratio of 12.89 and a beta of 0.77. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.41%. SouthState's payout ratio is 34.12%.

Insider Activity at SouthState

In other SouthState news, 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 purchased at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, the director now directly owns 4,689 shares in the company, valued at $431,481.78. This trade 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 this link. 1.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SSB has been the topic of several recent analyst reports. DA Davidson dropped their price target on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Stephens reaffirmed an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research report on Monday, April 28th. Jefferies Financial Group assumed coverage on SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Finally, Barclays dropped their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $116.27.

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.

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