SouthState Co. (NASDAQ:SSB) Shares Purchased by XTX Topco Ltd

XTX Topco Ltd raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 244.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,800 shares of the bank's stock after acquiring an additional 11,216 shares during the period. XTX Topco Ltd's holdings in SouthState were worth $1,572,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in SSB. Quadrant Capital Group LLC lifted its stake in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after acquiring an additional 99 shares during the period. Louisiana State Employees Retirement System raised its holdings in shares of SouthState by 0.5% during the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank's stock worth $2,109,000 after purchasing an additional 100 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in SouthState by 1.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after purchasing an additional 112 shares during the period. Bragg Financial Advisors Inc boosted its holdings in SouthState by 4.3% in the fourth quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock valued at $276,000 after purchasing an additional 115 shares during the last quarter. Finally, CIBC Asset Management Inc grew its position in SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after purchasing an additional 126 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Janet P. Froetscher purchased 2,717 shares of the company's stock in a transaction dated Monday, March 10th. The stock was acquired at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the transaction, the director now directly owns 4,689 shares of the company's stock, valued at approximately $431,481.78. This trade represents a 137.78 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 bought at an average cost of $93.60 per share, with a total value of $290,160.00. Following the acquisition, the director now owns 36,779 shares of the company's stock, valued at approximately $3,442,514.40. The trade was a 9.20 % increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SSB. Barclays lowered their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Citigroup upgraded SouthState from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Raymond James raised shares of SouthState from an "outperform" rating to a "strong-buy" rating and dropped their price objective for the stock from $120.00 to $115.00 in a research note on Wednesday, April 2nd. Finally, Stephens reiterated an "overweight" rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Two research 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 stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $117.90.

SouthState Price Performance

SouthState stock traded up $0.75 during midday trading on Friday, reaching $84.82. The company had a trading volume of 626,967 shares, compared to its average volume of 619,472. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The firm's fifty day simple moving average is $93.30 and its 200-day simple moving average is $99.28. 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 company has a market capitalization of $8.60 billion, a P/E ratio of 12.19 and a beta of 0.65.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, February 7th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $2.16 dividend on an annualized basis and a yield of 2.55%. SouthState's payout ratio is presently 31.03%.

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.