Tower Research Capital LLC TRC Buys 18,878 Shares of SouthState Co. (NASDAQ:SSB)

Tower Research Capital LLC TRC lifted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 609.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,974 shares of the bank's stock after purchasing an additional 18,878 shares during the period. Tower Research Capital LLC TRC's holdings in SouthState were worth $2,186,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. MetLife Investment Management LLC lifted its holdings in shares of SouthState by 7.7% during the fourth quarter. MetLife Investment Management LLC now owns 87,445 shares of the bank's stock worth $8,699,000 after buying an additional 6,230 shares in the last quarter. Natixis acquired a new position in shares of SouthState during the 4th quarter worth approximately $2,825,000. Capital Research Global Investors bought a new position in shares of SouthState during the fourth quarter worth approximately $60,311,000. Forum Financial Management LP acquired a new stake in shares of SouthState in the fourth quarter valued at approximately $260,000. Finally, CANADA LIFE ASSURANCE Co grew its position in SouthState by 3.6% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 72,650 shares of the bank's stock worth $7,227,000 after buying an additional 2,492 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other SouthState news, Director G Stacy Smith acquired 3,100 shares of the stock in a transaction dated Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, with a total value of $290,160.00. Following the transaction, 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 position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Sara Arana sold 1,991 shares of the business'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 completion of the transaction, the chief accounting officer now directly owns 4,787 shares in the company, valued at approximately $482,433.86. This trade represents a 29.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.70% of the company's stock.

SouthState Price Performance

Shares of SSB traded down $0.64 during trading hours on Monday, reaching $86.73. The stock had a trading volume of 238,210 shares, compared to its average volume of 625,406. The stock has a market capitalization of $8.79 billion, a PE ratio of 12.46 and a beta of 0.65. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The company's 50-day moving average is $90.93 and its two-hundred day moving average is $98.89. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Friday, May 9th will be paid a $0.54 dividend. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.49%. SouthState's dividend payout ratio is 34.12%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Stephens reiterated an "overweight" rating and set a $119.00 target price on shares of SouthState in a research report on Monday. Barclays reduced their price objective 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. Raymond James raised shares of SouthState from an "outperform" rating to a "strong-buy" rating and decreased their target price for the company from $120.00 to $115.00 in a report on Wednesday, April 2nd. Finally, Citigroup raised shares of SouthState from a "neutral" rating to a "buy" rating and upped their price target for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $116.80.

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.