Weil Company Inc. Takes $276,000 Position in SouthState Co. (NASDAQ:SSB)

Weil Company Inc. bought a new stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,970 shares of the bank's stock, valued at approximately $276,000.

A number of other hedge funds have also recently modified their holdings of the business. Quadrant Capital Group LLC lifted its stake in shares of SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after buying an additional 99 shares in the last quarter. Commonwealth Equity Services LLC lifted its position in SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after acquiring an additional 112 shares in the last quarter. Bragg Financial Advisors Inc lifted its position in SouthState by 4.3% in the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock valued at $276,000 after acquiring an additional 115 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in SouthState by 5.2% in the 1st quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank's stock valued at $220,000 after acquiring an additional 118 shares in the last quarter. Finally, Independent Advisor Alliance lifted its position in SouthState by 0.5% in the 4th quarter. Independent Advisor Alliance now owns 27,914 shares of the bank's stock valued at $2,777,000 after acquiring an additional 145 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on SSB. Raymond James Financial set a $110.00 price objective on SouthState in a report on Monday, April 28th. Barclays increased their price objective on shares of SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a research report on Tuesday. Stephens restated an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. Truist Financial initiated coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective on the stock. Finally, DA Davidson cut their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $116.45.

SouthState Price Performance

SSB traded down $0.64 during trading hours on Friday, hitting $97.01. The company's stock had a trading volume of 792,190 shares, compared to its average volume of 749,516. 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 $77.74 and a 12 month high of $114.27. The business's 50-day moving average price is $90.29 and its 200-day moving average price is $93.47. The stock has a market cap of $9.85 billion, a price-to-earnings ratio of 13.94 and a beta of 0.77.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio is currently 34.12%.

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.