Brant Point Investment Management LLC Sells 37,324 Shares of SouthState Co. (NASDAQ:SSB)

Brant Point Investment Management LLC cut its stake in shares of SouthState Co. (NASDAQ:SSB) by 49.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 37,676 shares of the bank’s stock after selling 37,324 shares during the period. Brant Point Investment Management LLC’s holdings in SouthState were worth $3,748,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of SSB. CANADA LIFE ASSURANCE Co grew its holdings in SouthState by 3.6% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 72,650 shares of the bank’s stock valued at $7,227,000 after purchasing an additional 2,492 shares during the last quarter. Farringdon Capital Ltd. bought a new position in shares of SouthState in the fourth quarter worth about $1,019,000. Advisory Research Inc. increased its stake in SouthState by 269.8% in the 4th quarter. Advisory Research Inc. now owns 129,104 shares of the bank’s stock worth $12,843,000 after buying an additional 94,193 shares during the period. NewEdge Advisors LLC lifted its holdings in SouthState by 104.4% during the 4th quarter. NewEdge Advisors LLC now owns 4,072 shares of the bank’s stock valued at $405,000 after buying an additional 2,080 shares in the last quarter. Finally, Guggenheim Capital LLC raised its stake in shares of SouthState by 1.2% during the fourth quarter. Guggenheim Capital LLC now owns 52,159 shares of the bank’s stock valued at $5,189,000 after acquiring an additional 630 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SSB shares. Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of SouthState in a research report on Friday, March 7th. Citigroup raised shares of SouthState from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $106.00 to $128.00 in a research note on Monday, January 27th. Raymond James upgraded SouthState from an “outperform” rating to a “strong-buy” rating and decreased their price objective for the stock from $120.00 to $115.00 in a research note on Wednesday, April 2nd. Finally, Barclays cut 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. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $117.90.

SouthState Trading Up 0.9 %

NASDAQ SSB opened at $84.82 on Friday. The stock has a market cap of $8.60 billion, a P/E ratio of 12.19 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 Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The company has a fifty day simple moving average of $93.30 and a two-hundred day simple moving average of $99.28.

SouthState Dividend Announcement

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

Insiders Place Their Bets

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