Westchester Capital Management LLC Invests $5.79 Million in SouthState Co. (NASDAQ:SSB)

Westchester Capital Management LLC purchased a new stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 58,200 shares of the bank's stock, valued at approximately $5,790,000. Westchester Capital Management LLC owned 0.08% of SouthState at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Summit Securities Group LLC acquired a new position in SouthState during the fourth quarter valued at $38,000. Quadrant Capital Group LLC increased its position in 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 purchasing an additional 99 shares during the last quarter. Headlands Technologies LLC acquired a new position in SouthState in the 4th quarter worth about $102,000. Blue Trust Inc. increased its position in SouthState by 16.8% in the 4th 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 last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in SouthState in the 4th quarter worth about $137,000. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Stock Performance

NASDAQ:SSB traded up $0.15 during mid-day trading on Monday, hitting $87.51. 1,021,591 shares of the company's stock traded hands, compared to its average volume of 628,456. The firm has a 50 day moving average of $90.63 and a two-hundred day moving average of $98.81. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. The firm has a market capitalization of $8.87 billion, a price-to-earnings ratio of 12.57 and a beta of 0.65. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 16th. Investors of record on Friday, May 9th will be paid a dividend of $0.54 per share. The ex-dividend date of this dividend is Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.47%. SouthState's payout ratio is 34.12%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SSB. Raymond James raised SouthState from an "outperform" rating to a "strong-buy" rating and dropped their target price for the stock from $120.00 to $115.00 in a research report on Wednesday, April 2nd. DA Davidson dropped their target price on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and upped their price target for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Barclays decreased their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Finally, Stephens reiterated an "overweight" rating and set a $119.00 price target on shares of SouthState in a research note on Monday. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $117.10.

Insider Activity at SouthState

In other SouthState news, CAO Sara Arana sold 1,991 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $100.78, for a total value of $200,652.98. Following the completion of the transaction, the chief accounting officer now owns 4,787 shares of the company's stock, valued at $482,433.86. This 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, CFO William E. V. Matthews sold 6,531 shares of the company's stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $108.29, for a total value of $707,241.99. Following the completion of the transaction, the chief financial officer now directly owns 34,107 shares of the company's stock, valued at approximately $3,693,447.03. This trade represents a 16.07 % decrease in their position. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

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.