Virtu Financial LLC Makes New $1.05 Million Investment in SouthState Co. (NASDAQ:SSB)

Virtu Financial LLC purchased a new position in SouthState Co. (NASDAQ:SSB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,510 shares of the bank's stock, valued at approximately $1,045,000.

Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of SouthState by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,820,303 shares of the bank's stock worth $176,931,000 after buying an additional 31,340 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of SouthState by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock worth $103,448,000 after purchasing an additional 52,042 shares during the period. Fisher Asset Management LLC grew its stake 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 purchasing an additional 139,602 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in SouthState by 4.7% during 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 purchasing an additional 37,796 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in SouthState by 4.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 731,802 shares of the bank's stock valued at $71,117,000 after purchasing an additional 34,194 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

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SouthState Stock Down 0.1 %

Shares of SSB stock traded down $0.06 during mid-day trading on Thursday, reaching $93.89. 571,843 shares of the company's stock traded hands, compared to its average volume of 559,218. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company's 50-day moving average price is $99.30 and its 200-day moving average price is $100.54. The company has a market cap of $9.52 billion, a P/E ratio of 13.49 and a beta of 0.68. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a $0.54 dividend. The ex-dividend date was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.30%. SouthState's dividend payout ratio is currently 31.03%.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 6,531 shares of the company's stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. The trade was a 16.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Sara Arana sold 1,991 shares of SouthState stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the transaction, the chief accounting officer now directly owns 4,787 shares of the company's stock, valued at $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. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on SSB. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and boosted their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Stephens reissued an "overweight" rating and set a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. Finally, UBS Group assumed coverage on shares of SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 price objective for the company. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $115.44.

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.