Calton & Associates Inc. Invests $429,000 in SouthState Co. (NASDAQ:SSB)

Calton & Associates Inc. purchased a new stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,624 shares of the bank's stock, valued at approximately $429,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Summit Securities Group LLC bought a new position in shares of SouthState in the 4th quarter valued at about $38,000. Aquatic Capital Management LLC bought a new stake in shares of SouthState during the fourth quarter worth $45,000. Quadrant Capital Group LLC grew 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 purchasing an additional 99 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of SouthState by 577.4% in the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after purchasing an additional 485 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock valued at $54,000 after acquiring an additional 378 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Trading Down 1.5%

Shares of NASDAQ:SSB traded down $1.43 during midday trading on Wednesday, reaching $96.92. The company had a trading volume of 211,994 shares, compared to its average volume of 750,153. SouthState Co. has a 1-year low of $77.74 and a 1-year high of $114.27. The firm has a market cap of $9.84 billion, a price-to-earnings ratio of 13.93 and a beta of 0.77. 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 company has a fifty day simple moving average of $91.35 and a two-hundred day simple moving average of $93.30.

SouthState Announces Dividend

The company 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. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.23%. SouthState's payout ratio is currently 34.12%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SSB shares. Jefferies Financial Group initiated coverage on shares of SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective for the company. DA Davidson lowered their price objective 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. Keefe, Bruyette & Woods lowered their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. 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, Barclays lifted their target price on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. 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 data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $116.45.

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.