Segment Wealth Management LLC Takes $294,000 Position in SouthState Co. (NASDAQ:SSB)

Segment Wealth Management LLC bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 3,168 shares of the bank's stock, valued at approximately $294,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SSB. Summit Securities Group LLC purchased a new position in SouthState during the fourth quarter valued at approximately $38,000. Aquatic Capital Management LLC acquired a new position in shares of SouthState during the fourth quarter valued at about $45,000. Quadrant Capital Group LLC raised its holdings 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 during the last quarter. Versant Capital Management Inc grew its stake in SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after purchasing an additional 485 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after buying an additional 378 shares during the period. Institutional investors own 89.76% of the company's stock.

SouthState Stock Performance

SSB traded up $1.53 during trading on Tuesday, hitting $89.74. 806,723 shares of the stock were exchanged, compared to its average volume of 670,461. 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 Co. has a 1-year low of $72.74 and a 1-year high of $114.27. The stock has a fifty day moving average price of $88.07 and a two-hundred day moving average price of $94.32. The firm has a market capitalization of $9.11 billion, a P/E ratio of 12.89 and a beta of 0.77.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Barclays dropped their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Truist Financial initiated coverage on SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target for the company. Keefe, Bruyette & Woods dropped their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Raymond James Financial set a $110.00 target price on shares of SouthState in a research note on Monday, April 28th. Finally, Stephens reissued an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research report on Monday, April 28th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $116.27.

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.