Tower Research Capital LLC TRC Buys 18,878 Shares of SouthState Co. (NASDAQ:SSB)

Tower Research Capital LLC TRC boosted its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 609.8% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,974 shares of the bank's stock after acquiring an additional 18,878 shares during the period. Tower Research Capital LLC TRC's holdings in SouthState were worth $2,186,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Summit Securities Group LLC bought a new position in SouthState during the fourth quarter valued at approximately $38,000. Quadrant Capital Group LLC grew its stake in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after buying an additional 99 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of SouthState in the 4th quarter valued at about $102,000. Blue Trust Inc. raised its position in SouthState by 16.8% during the fourth quarter. Blue Trust Inc. now owns 1,161 shares of the bank's stock valued at $113,000 after purchasing an additional 167 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new position in shares of SouthState in the 4th quarter worth approximately $137,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Up 4.1 %

Shares of SouthState stock opened at $87.05 on Wednesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of 12.51 and a beta of 0.65. The firm's 50-day moving average is $91.77 and its two-hundred day moving average is $99.02. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27.

SouthState Dividend Announcement

The firm also recently disclosed 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 2.48%. The ex-dividend date was Friday, February 7th. SouthState's dividend payout ratio (DPR) is 31.03%.

Analyst Ratings Changes

SSB has been the subject of a number of analyst reports. Stephens restated an "overweight" rating and issued a $130.00 price target on shares of SouthState in a research report on Friday, March 7th. Barclays dropped their target price on 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 upgraded SouthState from an "outperform" rating to a "strong-buy" rating and reduced their price target for the stock from $120.00 to $115.00 in a report on Wednesday, April 2nd. Finally, Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $106.00 to $128.00 in a report on Monday, January 27th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $117.90.

Insiders Place Their Bets

In other SouthState news, Director G Stacy Smith acquired 3,100 shares of the firm's stock in a transaction dated Thursday, March 6th. The stock was purchased at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the acquisition, the director now owns 36,779 shares in the company, valued at approximately $3,442,514.40. This trade represents a 9.20 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Janet P. Froetscher bought 2,717 shares of the company's stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the purchase, the director now owns 4,689 shares in the company, valued at $431,481.78. The trade was a 137.78 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is owned by company insiders.

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.

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