Twinbeech Capital LP Takes Position in SouthState Co. (NASDAQ:SSB)

Twinbeech Capital LP purchased a new stake in SouthState Co. (NASDAQ:SSB) in the fourth quarter, according to its most recent filing with the SEC. The fund purchased 2,816 shares of the bank’s stock, valued at approximately $280,000.

A number of other institutional investors have also made changes to their positions in SSB. Avior Wealth Management LLC increased its holdings in shares of SouthState by 22,412.5% in the 4th quarter. Avior Wealth Management LLC now owns 1,801 shares of the bank’s stock valued at $179,000 after acquiring an additional 1,793 shares during the last quarter. Inspire Investing LLC grew its stake in SouthState by 122.2% during the 4th quarter. Inspire Investing LLC now owns 6,543 shares of the bank’s stock worth $651,000 after buying an additional 3,598 shares during the last quarter. Blue Trust Inc. grew its stake in SouthState by 16.8% during the 4th quarter. Blue Trust Inc. now owns 1,161 shares of the bank’s stock worth $113,000 after buying an additional 167 shares during the last quarter. KBC Group NV grew its stake in SouthState by 35.3% during the 4th quarter. KBC Group NV now owns 3,106 shares of the bank’s stock worth $309,000 after buying an additional 810 shares during the last quarter. Finally, Pacer Advisors Inc. grew its stake in SouthState by 1.9% during the 4th quarter. Pacer Advisors Inc. now owns 11,371 shares of the bank’s stock worth $1,131,000 after buying an additional 207 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Trading Down 0.4%

NASDAQ:SSB opened at $87.60 on Friday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The stock has a market cap of $8.89 billion, a price-to-earnings ratio of 12.59 and a beta of 0.75. The business has a fifty day moving average of $88.36 and a 200-day moving average of $97.59. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.47%. SouthState’s payout ratio is 34.12%.

Analyst Ratings Changes

SSB has been the subject of a number of recent research reports. Keefe, Bruyette & Woods lowered their price objective on SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Tuesday, May 6th. Barclays lowered their price objective on SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Jefferies Financial Group initiated coverage on SouthState in a research note on Wednesday. They set a “buy” rating and a $110.00 price objective for the company. DA Davidson lowered their price objective on SouthState from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Finally, Truist Financial initiated coverage on SouthState in a research note on Tuesday, May 13th. They set a “buy” rating and a $106.00 price objective for the company. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $116.27.

Insider Transactions at SouthState

In other news, Director G Stacy Smith acquired 3,100 shares of the business’s stock in a transaction dated Thursday, March 6th. The stock was acquired at an average price of $93.60 per share, for a total transaction of $290,160.00. Following the completion of the acquisition, the director now directly owns 36,779 shares in the company, valued at $3,442,514.40. This represents a 9.20% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. Also, Director Janet P. Froetscher acquired 2,717 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was purchased at an average price of $92.02 per share, with a total value of $250,018.34. Following the acquisition, the director now 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 disclosure for this purchase can be found here. Company insiders own 1.70% of the company’s stock.

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.