GTS Securities LLC Invests $594,000 in SouthState Co. (NASDAQ:SSB)

GTS Securities LLC bought a new position in SouthState Co. (NASDAQ:SSB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,974 shares of the bank's stock, valued at approximately $594,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Summit Securities Group LLC acquired a new position in SouthState during the 4th quarter valued at about $38,000. Aquatic Capital Management LLC acquired a new stake in shares of SouthState in the 4th quarter worth approximately $45,000. Quadrant Capital Group LLC lifted its stake in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after acquiring an additional 99 shares during the period. Headlands Technologies LLC acquired a new stake in shares of SouthState in the 4th quarter worth approximately $102,000. Finally, Blue Trust Inc. lifted its stake in shares of SouthState by 16.8% in the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after acquiring an additional 167 shares during the period. Institutional investors own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of research analyst reports. Barclays reduced their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Stephens reaffirmed an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Keefe, Bruyette & Woods reduced their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Truist Financial assumed coverage on shares of SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price for the company. Finally, Raymond James set a $110.00 target price on shares of SouthState in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $116.27.

SouthState Trading Down 0.8%

Shares of SSB stock traded down $0.70 during trading hours on Friday, reaching $88.17. 1,021,528 shares of the stock traded hands, compared to its average volume of 655,349. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The business has a fifty day moving average price of $87.82 and a 200 day moving average price of $96.80. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $8.95 billion, a PE ratio of 12.67 and a beta of 0.75.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.45%. SouthState's dividend payout ratio is currently 34.12%.

Insider Activity

In other SouthState news, CAO Sara Arana sold 1,991 shares of the company'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 value of $200,652.98. Following the transaction, the chief accounting officer now owns 4,787 shares in the company, valued at approximately $482,433.86. This represents a 29.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the company's stock in a transaction on Monday, March 10th. The stock was bought at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the purchase, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. This trade represents a 137.78% increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is owned by company 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.