Kennedy Capital Management LLC Sells 4,974 Shares of SouthState Co. (NASDAQ:SSB)

Kennedy Capital Management LLC lessened its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 1.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 291,033 shares of the bank's stock after selling 4,974 shares during the quarter. SouthState comprises about 0.6% of Kennedy Capital Management LLC's portfolio, making the stock its 13th largest holding. Kennedy Capital Management LLC owned approximately 0.38% of SouthState worth $28,952,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. HighTower Advisors LLC grew its stake in shares of SouthState by 7.6% in the third quarter. HighTower Advisors LLC now owns 11,153 shares of the bank's stock valued at $1,083,000 after acquiring an additional 787 shares in the last quarter. Stifel Financial Corp lifted its holdings in shares of SouthState by 10.5% in the third quarter. Stifel Financial Corp now owns 63,573 shares of the bank's stock worth $6,178,000 after acquiring an additional 6,062 shares during the last quarter. Jane Street Group LLC lifted its stake in SouthState by 14.5% in the 3rd quarter. Jane Street Group LLC now owns 149,411 shares of the bank's stock valued at $14,520,000 after purchasing an additional 18,881 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of SouthState during the third quarter worth $445,000. Finally, Geode Capital Management LLC increased its holdings in shares of SouthState by 1.8% during 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 in the last quarter. Institutional investors own 89.76% of the company's stock.

Insider Activity at SouthState

In other SouthState news, CAO Sara Arana sold 1,991 shares of the firm's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the sale, the chief accounting officer now owns 4,787 shares of the company's stock, valued at $482,433.86. This trade represents a 29.37 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Janet P. Froetscher acquired 2,717 shares of the business's stock in a transaction dated Monday, March 10th. The shares were acquired at an average cost of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now directly owns 4,689 shares of the company's stock, valued at $431,481.78. This represents a 137.78 % increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is owned by corporate insiders.

SouthState Stock Performance

Shares of NASDAQ:SSB traded up $1.52 during midday trading on Tuesday, reaching $84.36. 226,882 shares of the company traded hands, compared to its average volume of 615,289. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. The firm's fifty day moving average price is $94.23 and its two-hundred day moving average price is $99.49. 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 has a market capitalization of $8.55 billion, a price-to-earnings ratio of 12.12 and a beta of 0.65.

SouthState Dividend Announcement

The company also recently disclosed 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 2.56%. SouthState's dividend payout ratio (DPR) is currently 31.03%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Citigroup upgraded shares of SouthState from a "neutral" rating to a "buy" rating and upped their price target for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Stephens reiterated an "overweight" rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Barclays reduced their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Raymond James raised SouthState from an "outperform" rating to a "strong-buy" rating and cut their target price for the company from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Finally, UBS Group started coverage on SouthState in a research note on Tuesday, December 17th. They issued a "buy" rating and a $132.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, SouthState currently has a consensus rating of "Moderate Buy" and an average price target of $117.90.

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.