3,168 Shares in SouthState Co. (NASDAQ:SSB) Bought by Segment Wealth Management LLC

Segment Wealth Management LLC purchased a new position in SouthState Co. (NASDAQ:SSB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,168 shares of the bank's stock, valued at approximately $294,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Retirement Systems of Alabama grew its stake in shares of SouthState by 28.8% in the 1st quarter. Retirement Systems of Alabama now owns 119,497 shares of the bank's stock valued at $11,092,000 after buying an additional 26,731 shares during the period. State of Alaska Department of Revenue boosted its holdings in SouthState by 32.1% in the first quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock worth $1,066,000 after acquiring an additional 2,790 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in SouthState by 4.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 30,553 shares of the bank's stock valued at $2,836,000 after acquiring an additional 1,239 shares during the period. Fifth Third Bancorp increased its holdings in shares of SouthState by 102.1% during the first quarter. Fifth Third Bancorp now owns 956 shares of the bank's stock valued at $89,000 after acquiring an additional 483 shares in the last quarter. Finally, Handelsbanken Fonder AB raised its position in shares of SouthState by 21.5% during the first quarter. Handelsbanken Fonder AB now owns 23,038 shares of the bank's stock worth $2,138,000 after purchasing an additional 4,080 shares during the period. 89.76% of the stock is owned by institutional investors.

SouthState Price Performance

Shares of NASDAQ SSB opened at $85.99 on Friday. The company has a market capitalization of $8.73 billion, a PE ratio of 12.36 and a beta of 0.77. 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 stock's 50 day moving average price is $87.96 and its 200-day moving average price is $94.71. SouthState Co. has a twelve month low of $72.10 and a twelve month high of $114.27.

SouthState Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.51%. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SSB shares. Keefe, Bruyette & Woods reduced their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Stephens reaffirmed an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Barclays decreased their target price on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. DA Davidson dropped their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, Raymond James Financial set a $110.00 price target on SouthState in a research note on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus 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.

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