Chicago Capital Management LLC Makes New Investment in SouthState Co. (NASDAQ:SSB)

Chicago Capital Management LLC purchased a new stake in SouthState Co. (NASDAQ:SSB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,131 shares of the bank’s stock, valued at approximately $610,000.

Several other hedge funds and other institutional investors have also made changes to their positions in SSB. Assenagon Asset Management S.A. acquired a new stake in SouthState during the 4th quarter valued at $21,498,000. Fisher Asset Management LLC boosted its stake in shares of SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank’s stock valued at $84,703,000 after acquiring an additional 139,602 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in SouthState by 64.1% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 265,578 shares of the bank’s stock worth $25,809,000 after purchasing an additional 103,756 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in SouthState by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 987,849 shares of the bank’s stock valued at $95,999,000 after purchasing an additional 72,181 shares during the last quarter. Finally, Prospector Partners LLC lifted its holdings in SouthState by 52.8% in the 3rd quarter. Prospector Partners LLC now owns 185,250 shares of the bank’s stock valued at $18,003,000 after purchasing an additional 64,013 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity

In other news, Director G Stacy Smith acquired 3,100 shares of the company’s stock in a transaction dated 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 completion of the purchase, the director now directly 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 can be accessed through the SEC website. Also, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction dated Monday, March 10th. The shares were purchased 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 owns 4,689 shares of the company’s stock, valued at approximately $431,481.78. This represents a 137.78 % increase in their position. The disclosure for this purchase can be found here. Insiders own 1.70% of the company’s stock.

SouthState Stock Down 0.2 %

Shares of NASDAQ:SSB opened at $94.65 on Wednesday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The stock has a 50-day simple moving average of $99.41 and a 200-day simple moving average of $100.58. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $9.59 billion, a P/E ratio of 13.60 and a beta of 0.68.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, February 7th were given a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.28%. The ex-dividend date was Friday, February 7th. SouthState’s payout ratio is currently 31.03%.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of recent research reports. Citigroup upgraded shares of SouthState from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $106.00 to $128.00 in a report on Monday, January 27th. Stephens reaffirmed an “overweight” rating and issued a $130.00 target price on shares of SouthState in a research note on Friday, March 7th. Finally, UBS Group assumed coverage on SouthState in a research note on Tuesday, December 17th. They set a “buy” rating and a $132.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, SouthState has a consensus rating of “Moderate Buy” and an average target price of $115.44.

About SouthState

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.