Millennium Management LLC Lowers Position in SouthState Co. (NASDAQ:SSB)

Millennium Management LLC lessened its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 88.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 143,025 shares of the bank's stock after selling 1,141,636 shares during the quarter. Millennium Management LLC owned approximately 0.19% of SouthState worth $14,228,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Summit Securities Group LLC purchased a new position in shares of SouthState in the fourth quarter worth $38,000. Aquatic Capital Management LLC purchased a new stake in SouthState during the fourth quarter valued at $45,000. Quadrant Capital Group LLC raised its stake in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares in the last quarter. Headlands Technologies LLC purchased a new stake in SouthState during the fourth quarter valued at $102,000. Finally, Blue Trust Inc. raised its stake in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock valued at $113,000 after purchasing an additional 167 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Transactions at SouthState

In other SouthState news, Director Janet P. Froetscher acquired 2,717 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was bought at an average cost of $92.02 per share, with a total value of $250,018.34. Following the completion of the purchase, the director now directly owns 4,689 shares in the company, valued at $431,481.78. The trade was a 137.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average cost of $93.60 per share, with a total value of $290,160.00. Following the completion of the purchase, the director now owns 36,779 shares of the company's stock, valued at $3,442,514.40. This trade represents a 9.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

SSB has been the topic of a number of recent research reports. Barclays decreased their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Jefferies Financial Group initiated coverage on shares of SouthState in a research note on Wednesday. They set a "buy" rating and a $110.00 price target on the stock. Truist Financial initiated coverage on shares of SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target on the stock. Raymond James set a $110.00 price target on shares of SouthState in a research note on Monday, April 28th. Finally, DA Davidson cut their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, SouthState has an average rating of "Buy" and a consensus price target of $116.27.

SouthState Trading Up 0.2%

NASDAQ SSB opened at $88.03 on Friday. The company's 50-day moving average price is $88.46 and its 200-day moving average price is $97.66. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market cap of $8.93 billion, a PE ratio of 12.65 and a beta of 0.75. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27.

SouthState Announces Dividend

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

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.

Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Co. (NASDAQ:SSB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.