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

GTS Securities 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 SEC. The fund purchased 5,974 shares of the bank's stock, valued at approximately $594,000.

Several other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC increased its position in shares of SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after purchasing an additional 93,312 shares during the last quarter. Northern Trust Corp increased its position in shares of SouthState by 9.4% during the 4th quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock worth $110,598,000 after purchasing an additional 95,841 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of SouthState by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock worth $103,448,000 after acquiring an additional 52,042 shares during the period. Fisher Asset Management LLC boosted its stake in shares of SouthState by 19.6% during the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after acquiring an additional 139,602 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of SouthState by 4.7% during the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock worth $83,812,000 after acquiring an additional 37,796 shares during the period. Institutional investors and hedge funds own 89.76% of the company's stock.

Insider Transactions at SouthState

In other news, Director G Stacy Smith bought 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 acquisition, the director now directly owns 36,779 shares in the company, valued at approximately $3,442,514.40. This trade represents a 9.20% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Janet P. Froetscher bought 2,717 shares of the stock in a transaction on Monday, March 10th. The stock was purchased at an average cost of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now owns 4,689 shares in the company, valued at approximately $431,481.78. This 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.

SouthState Price Performance

Shares of SouthState stock traded up $0.65 during trading on Thursday, reaching $88.83. 750,480 shares of the company's stock were exchanged, compared to its average volume of 652,916. 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 Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The company has a market cap of $9.02 billion, a P/E ratio of 12.76 and a beta of 0.75. The firm's 50-day moving average price is $88.07 and its 200 day moving average price is $97.16.

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 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 2.43%. SouthState's dividend payout ratio (DPR) is currently 34.12%.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Barclays reduced their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. DA Davidson reduced their target price on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Raymond James set a $110.00 target price on SouthState in a research note on Monday, April 28th. Stephens reiterated an "overweight" rating and set a $119.00 target price on shares of SouthState in a research note on Monday, April 28th. Finally, Jefferies Financial Group assumed coverage on SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price for the company. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and a consensus target price 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.