Two Sigma Securities LLC Invests $625,000 in SouthState Co. (NASDAQ:SSB)

Two Sigma Securities LLC bought a new stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,280 shares of the bank's stock, valued at approximately $625,000.

Several other large investors have also recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in SouthState by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after buying an additional 93,312 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in SouthState by 5.3% in 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 last quarter. Fisher Asset Management LLC raised its holdings in SouthState by 19.6% in 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 last quarter. Bank of New York Mellon Corp lifted its position in SouthState by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock valued at $83,812,000 after acquiring an additional 37,796 shares in the last quarter. Finally, Norges Bank purchased a new stake in SouthState during the 4th quarter valued at $67,260,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SouthState

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

SouthState Trading Up 1.5 %

Shares of SSB stock traded up $1.28 on Thursday, reaching $88.06. 205,785 shares of the company's stock were exchanged, compared to its average volume of 628,942. The company's fifty day simple moving average is $90.11 and its 200 day simple moving average is $98.65. The stock has a market capitalization of $8.93 billion, a PE ratio of 12.65 and a beta of 0.65. 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 Co. has a 52 week low of $70.68 and a 52 week high of $114.27.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Shareholders 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 dividend on an annualized basis and a yield of 2.45%. SouthState's dividend payout ratio is currently 34.12%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. DA Davidson dropped their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday. Stephens reaffirmed an "overweight" rating and set a $119.00 price target on shares of SouthState in a research report on Monday. Raymond James set a $110.00 price objective on shares of SouthState in a report on Monday. Barclays lowered 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. Finally, Citigroup raised SouthState from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $116.60.

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.