Squarepoint Ops LLC Buys New Shares in SouthState Co. (NASDAQ:SSB)

Squarepoint Ops LLC acquired a new position in SouthState Co. (NASDAQ:SSB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 41,913 shares of the bank's stock, valued at approximately $4,170,000. Squarepoint Ops LLC owned approximately 0.05% of SouthState at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Norges Bank purchased a new position in shares of SouthState in the fourth quarter worth $67,260,000. Capital Research Global Investors bought a new stake in shares of SouthState in the fourth quarter worth about $60,311,000. JPMorgan Chase & Co. lifted its position in shares of SouthState by 51.4% in the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock worth $61,569,000 after buying an additional 210,019 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of SouthState by 19.6% in the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after buying an additional 139,602 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in SouthState during the fourth quarter valued at approximately $11,818,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Activity

In related news, CAO Sara Arana sold 1,991 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the sale, the chief accounting officer now owns 4,787 shares in the company, valued at $482,433.86. This trade represents a 29.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director G Stacy Smith acquired 3,100 shares of the company's stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now directly 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. Insiders own 1.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. DA Davidson lowered their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Jefferies Financial Group initiated coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective for the company. Barclays cut 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. 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 objective for the company. Finally, Raymond James set a $110.00 price objective on shares of SouthState in a research report on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $116.27.

SouthState Price Performance

SSB traded down $1.51 during midday trading on Wednesday, hitting $88.21. 577,491 shares of the company traded hands, compared to its average volume of 652,528. The company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 12.67 and a beta of 0.75. SouthState Co. has a 52-week low of $70.68 and a 52-week high of $114.27. The business has a 50 day simple moving average of $88.16 and a two-hundred day simple moving average of $97.23. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid a $0.54 dividend. 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 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.