Brant Point Investment Management LLC Sells 37,324 Shares of SouthState Co. (NASDAQ:SSB)

Brant Point Investment Management LLC lessened its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 49.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 37,676 shares of the bank's stock after selling 37,324 shares during the quarter. Brant Point Investment Management LLC's holdings in SouthState were worth $3,748,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SSB. Norges Bank acquired a new position in shares of SouthState in the 4th quarter valued at about $67,260,000. Assenagon Asset Management S.A. purchased a new position in shares of SouthState in the 4th quarter valued at $21,498,000. JPMorgan Chase & Co. boosted its position in SouthState by 51.4% during the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock worth $61,569,000 after purchasing an additional 210,019 shares during the period. Fisher Asset Management LLC increased 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 valued at $84,703,000 after purchasing an additional 139,602 shares in the last quarter. Finally, Advisory Research Inc. raised its position in SouthState by 269.8% in the fourth quarter. Advisory Research Inc. now owns 129,104 shares of the bank's stock valued at $12,843,000 after purchasing an additional 94,193 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on SSB shares. Barclays decreased their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Stephens reaffirmed an "overweight" rating and set a $130.00 price target on shares of SouthState in a research note on Friday, March 7th. Raymond James raised shares of SouthState from an "outperform" rating to a "strong-buy" rating and decreased their price objective for the company from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Finally, Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $117.90.

SouthState Stock Performance

Shares of SSB traded up $3.45 during trading hours on Tuesday, reaching $87.05. 664,593 shares of the company traded hands, compared to its average volume of 620,337. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The stock has a market cap of $8.82 billion, a P/E ratio of 12.51 and a beta of 0.65. The stock's fifty day moving average is $92.08 and its 200 day moving average is $99.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.48%. 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

In related news, CAO Sara Arana sold 1,991 shares of the 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO William E. V. Matthews sold 6,531 shares of SouthState stock in a transaction 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 approximately $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. 1.70% of the stock is owned by corporate insiders.

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.