FJ Capital Management LLC Grows Position in SouthState Co. (NASDAQ:SSB)

FJ Capital Management LLC increased its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 32.9% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 143,984 shares of the bank's stock after acquiring an additional 35,628 shares during the period. SouthState comprises about 1.7% of FJ Capital Management LLC's portfolio, making the stock its 24th biggest position. FJ Capital Management LLC owned about 0.19% of SouthState worth $14,324,000 at the end of the most recent reporting period.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SSB shares. Stephens reaffirmed an "overweight" rating and set a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Raymond James set a $110.00 price objective on SouthState in a research note on Monday, April 28th. Barclays lowered their price objective 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 lowered their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Finally, Citigroup raised SouthState from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $116.60.

Insiders Place Their Bets

In other news, CAO Sara Arana sold 1,991 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the transaction, the chief accounting officer now directly owns 4,787 shares in the company, valued at $482,433.86. This trade represents a 29.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director G Stacy Smith purchased 3,100 shares of the company's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the purchase, the director now owns 36,779 shares in the company, valued at approximately $3,442,514.40. The trade was 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.

SouthState Price Performance

Shares of SSB traded up $3.04 during midday trading on Monday, reaching $91.78. The stock had a trading volume of 885,407 shares, compared to its average volume of 641,138. The company has a market capitalization of $9.31 billion, a price-to-earnings ratio of 13.19 and a beta of 0.75. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company's 50-day moving average is $88.61 and its 200 day moving average is $98.07. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Friday, May 9th will be issued a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.35%. The ex-dividend date is Friday, May 9th. SouthState's dividend payout ratio is presently 34.12%.

SouthState 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.