Headlands Technologies LLC Makes New $102,000 Investment in SouthState Co. (NASDAQ:SSB)

Headlands Technologies LLC purchased a new stake in shares of SouthState Co. (NASDAQ:SSB) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,030 shares of the bank’s stock, valued at approximately $102,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Geode Capital Management LLC raised its holdings in shares of SouthState by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank’s stock worth $192,531,000 after purchasing an additional 93,312 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of SouthState by 27.2% in the 4th quarter. Alliancebernstein L.P. now owns 207,705 shares of the bank’s stock worth $20,662,000 after acquiring an additional 44,445 shares during the last quarter. CIBC Private Wealth Group LLC raised its position in shares of SouthState by 2.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 46,709 shares of the bank’s stock worth $4,491,000 after purchasing an additional 987 shares during the period. Summit Securities Group LLC purchased a new stake in shares of SouthState during the fourth quarter valued at $38,000. Finally, Intrust Bank NA acquired a new position in shares of SouthState in the 4th quarter valued at $213,000. Institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In other SouthState news, CFO William E. V. Matthews sold 6,531 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $108.29, for a total transaction of $707,241.99. Following the transaction, the chief financial officer now owns 34,107 shares in the company, valued at $3,693,447.03. This trade represents a 16.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Janet P. Froetscher acquired 2,717 shares of the company’s stock in a transaction dated Monday, March 10th. The stock was 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 directly owns 4,689 shares of the company’s stock, valued at $431,481.78. This trade represents a 137.78 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company’s stock.

SouthState Price Performance

NASDAQ SSB opened at $81.47 on Monday. The company has a 50 day moving average price of $97.93 and a two-hundred day moving average price of $100.33. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The stock has a market capitalization of $8.26 billion, a PE ratio of 11.70 and a beta of 0.65. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

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 issued a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date was Friday, February 7th. SouthState’s dividend payout ratio is presently 31.03%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. UBS Group initiated coverage on shares of SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price objective for the company. Stephens reiterated an “overweight” rating and set a $130.00 price objective on shares of SouthState in a research report on Friday, March 7th. Raymond James upgraded SouthState from an “outperform” rating to a “strong-buy” rating and reduced their target price for the company from $120.00 to $115.00 in a report on Wednesday, April 2nd. Barclays initiated coverage on SouthState in a report on Tuesday, April 1st. They set an “overweight” rating and a $120.00 price target on the stock. Finally, Citigroup upgraded SouthState from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $106.00 to $128.00 in a research report on Monday, January 27th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $118.40.

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.