SouthState Co. (NASDAQ:SSB) Shares Acquired by Jane Street Group LLC

Jane Street Group LLC raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 14.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 149,411 shares of the bank's stock after purchasing an additional 18,881 shares during the period. Jane Street Group LLC owned 0.20% of SouthState worth $14,520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of SSB. Waldron Private Wealth LLC purchased a new stake in shares of SouthState in the 3rd quarter valued at approximately $35,000. UMB Bank n.a. grew its position in shares of SouthState by 53.9% in the 3rd quarter. UMB Bank n.a. now owns 548 shares of the bank's stock valued at $53,000 after buying an additional 192 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of SouthState in the 2nd quarter valued at $97,000. Innealta Capital LLC purchased a new position in shares of SouthState in the 2nd quarter valued at $133,000. Finally, International Assets Investment Management LLC grew its position in shares of SouthState by 9,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 1,458 shares of the bank's stock valued at $142,000 after buying an additional 1,443 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at SouthState

In related news, CFO William E. V. Matthews sold 5,000 shares of the business's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $100.00, for a total value of $500,000.00. Following the completion of the sale, the chief financial officer now directly owns 36,964 shares in the company, valued at approximately $3,696,400. The trade was a 11.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Daniel E. Bockhorst sold 2,500 shares of the business's stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $100.00, for a total transaction of $250,000.00. Following the completion of the sale, the insider now owns 33,328 shares of the company's stock, valued at approximately $3,332,800. The trade was a 6.98 % 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.

Analysts Set New Price Targets

A number of research firms recently commented on SSB. Piper Sandler increased their target price on shares of SouthState from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Truist Financial dropped their target price on shares of SouthState from $111.00 to $103.00 and set a "hold" rating on the stock in a research report on Monday, October 28th. Citigroup started coverage on shares of SouthState in a research note on Thursday, October 10th. They set a "neutral" rating and a $102.00 price target for the company. Stephens upgraded shares of SouthState from an "equal weight" rating to an "overweight" rating in a research note on Monday. Finally, Hovde Group cut shares of SouthState from an "outperform" rating to a "market perform" rating in a research note on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, SouthState currently has an average rating of "Moderate Buy" and a consensus price target of $105.11.

SouthState Price Performance

Shares of NASDAQ SSB traded up $1.35 during midday trading on Wednesday, hitting $109.77. The company had a trading volume of 374,208 shares, compared to its average volume of 490,864. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.10. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.26. The business has a 50-day simple moving average of $103.34 and a two-hundred day simple moving average of $92.57. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of 16.76 and a beta of 0.69.

SouthState (NASDAQ:SSB - Get Free Report) last posted its earnings results on Wednesday, October 23rd. The bank reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.26. SouthState had a net margin of 21.24% and a return on equity of 9.41%. The firm had revenue of $426.41 million during the quarter, compared to the consensus estimate of $429.47 million. During the same period last year, the firm posted $1.62 EPS. The firm's revenue for the quarter was down .4% on a year-over-year basis. Equities research analysts anticipate that SouthState Co. will post 6.94 earnings per share for the current year.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, November 8th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 1.97%. SouthState's dividend payout ratio (DPR) is presently 33.33%.

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.