Brant Point Investment Management LLC Cuts Stock Holdings in SouthState Co. (NASDAQ:SSB)

Brant Point Investment Management LLC cut its position in SouthState Co. (NASDAQ:SSB) by 49.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund 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).

A number of other large investors have also modified their holdings of the business. Quadrant Capital Group LLC boosted its holdings in shares of SouthState by 24.2% during 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. Louisiana State Employees Retirement System grew its holdings in shares of SouthState by 0.5% in the fourth quarter. Louisiana State Employees Retirement System now owns 21,200 shares of the bank’s stock valued at $2,109,000 after purchasing an additional 100 shares during the period. Commonwealth Equity Services LLC increased 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 worth $949,000 after purchasing an additional 112 shares during the last quarter. Bragg Financial Advisors Inc raised its position in shares of SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock valued at $276,000 after buying an additional 115 shares during the period. Finally, CIBC Asset Management Inc lifted its holdings in SouthState by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock valued at $231,000 after acquiring an additional 126 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of SouthState stock opened at $84.82 on Friday. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm’s 50 day moving average is $93.30 and its two-hundred day moving average is $99.28. The firm has a market capitalization of $8.60 billion, a P/E ratio of 12.19 and a beta of 0.65. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors 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 dividend on an annualized basis and a yield of 2.55%. SouthState’s dividend payout ratio is presently 31.03%.

Wall Street Analyst Weigh In

SSB has been the subject of several research analyst reports. Stephens reaffirmed an “overweight” rating and set a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Barclays reduced their target price on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. Citigroup raised SouthState from a “neutral” rating to a “buy” rating and increased their price target for the company from $106.00 to $128.00 in a research report on Monday, January 27th. Finally, Raymond James raised SouthState from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the stock from $120.00 to $115.00 in a research report on Wednesday, April 2nd. Two 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 company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.90.

Insiders Place Their Bets

In other SouthState news, Director G Stacy Smith bought 3,100 shares of the company’s stock in a transaction on Thursday, March 6th. The shares were bought at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the transaction, the director now owns 36,779 shares of the company’s stock, valued at approximately $3,442,514.40. This trade represents a 9.20 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Janet P. Froetscher acquired 2,717 shares of the business’s stock in a transaction on Monday, March 10th. The stock was acquired at an average price of $92.02 per share, with a total value of $250,018.34. Following the transaction, the director now directly owns 4,689 shares of the company’s stock, valued at $431,481.78. This represents a 137.78 % increase in their position. The disclosure for this purchase can be found here. 1.70% of the stock is currently 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.