Chicago Capital Management LLC Takes Position in SouthState Co. (NASDAQ:SSB)

Chicago Capital Management LLC acquired a new stake in SouthState Co. (NASDAQ:SSB - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,131 shares of the bank's stock, valued at approximately $610,000.

A number of other institutional investors have also modified their holdings of SSB. Blue Trust Inc. lifted its holdings in shares of SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock worth $113,000 after purchasing an additional 167 shares during the period. Stonebridge Financial Group LLC acquired a new stake in shares of SouthState in the 4th quarter worth $137,000. Avior Wealth Management LLC boosted its holdings in shares of SouthState by 22,412.5% in the fourth quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank's stock valued at $179,000 after acquiring an additional 1,793 shares in the last quarter. Central Pacific Bank Trust Division increased its stake in shares of SouthState by 15.7% during the fourth quarter. Central Pacific Bank Trust Division now owns 1,840 shares of the bank's stock worth $183,000 after acquiring an additional 250 shares during the period. Finally, CIBC Asset Management Inc raised its holdings in SouthState by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after purchasing an additional 126 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at SouthState

In other news, CFO William E. V. Matthews sold 6,531 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the completion of the sale, the chief financial officer now owns 34,107 shares in the company, valued at approximately $3,693,447.03. The trade was a 16.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director G Stacy Smith purchased 3,100 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now directly owns 36,779 shares of the company's stock, valued at $3,442,514.40. This trade represents a 9.20 % increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Citigroup raised SouthState from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $106.00 to $128.00 in a report on Monday, January 27th. UBS Group started coverage on SouthState in a report on Tuesday, December 17th. They issued a "buy" rating and a $132.00 target price on the stock. Finally, Stephens restated an "overweight" rating and set a $130.00 target price on shares of SouthState in a report on Friday, March 7th. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $115.44.

SouthState Trading Down 1.6 %

Shares of NASDAQ SSB traded down $1.51 on Friday, reaching $92.32. 641,744 shares of the company traded hands, compared to its average volume of 592,894. The stock has a market capitalization of $9.36 billion, a PE ratio of 13.26 and a beta of 0.68. SouthState Co. has a fifty-two week low of $70.68 and a fifty-two week high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a 50 day moving average of $99.06 and a 200 day moving average of $100.53.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, February 7th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date of this dividend was Friday, February 7th. SouthState's dividend payout ratio is currently 31.03%.

About SouthState

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.