Dynamic Technology Lab Private Ltd Acquires Shares of 14,110 SouthState Co. (NASDAQ:SSB)

Dynamic Technology Lab Private Ltd acquired a new position in SouthState Co. (NASDAQ:SSB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 14,110 shares of the bank's stock, valued at approximately $1,404,000.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new stake in shares of SouthState during the 4th quarter worth $67,260,000. Assenagon Asset Management S.A. bought a new stake in SouthState during the fourth quarter valued at about $21,498,000. JPMorgan Chase & Co. grew 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 valued at $61,569,000 after purchasing an additional 210,019 shares during the last quarter. Fisher Asset Management LLC increased 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 period. Finally, Geode Capital Management LLC lifted its position in shares of SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after purchasing an additional 93,312 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Stock Down 8.0 %

Shares of NASDAQ SSB traded down $6.94 during trading hours on Thursday, hitting $80.38. The company had a trading volume of 328,491 shares, compared to its average volume of 611,200. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. 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 firm's 50 day moving average is $95.62 and its 200-day moving average is $99.76. The stock has a market capitalization of $8.15 billion, a P/E ratio of 11.55 and a beta of 0.65.

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SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were paid a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Friday, February 7th. SouthState's dividend payout ratio (DPR) is presently 31.03%.

Insider Buying and Selling at SouthState

In other SouthState news, Director G Stacy Smith purchased 3,100 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were acquired at an average cost of $93.60 per share, with a total value of $290,160.00. Following the completion of the transaction, the director now owns 36,779 shares in the company, valued at $3,442,514.40. The trade was a 9.20 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 6,531 shares of the firm's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now directly owns 34,107 shares in the company, valued at $3,693,447.03. This represents a 16.07 % 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.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SSB shares. Raymond James upgraded shares of SouthState from an "outperform" rating to a "strong-buy" rating and lowered their price objective for the stock from $120.00 to $115.00 in a research note on Wednesday, April 2nd. Stephens restated an "overweight" rating and set a $130.00 price objective on shares of SouthState in a report on Friday, March 7th. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and increased their target price for the company from $106.00 to $128.00 in a research note on Monday, January 27th. Barclays cut their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Tuesday. Finally, UBS Group assumed coverage on SouthState in a report on Tuesday, December 17th. They set a "buy" rating and a $132.00 price objective on the stock. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $117.90.

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.