Allspring Global Investments Holdings LLC Has $100.86 Million Holdings in SouthState Co. (NASDAQ:SSB)

Allspring Global Investments Holdings LLC boosted its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 5.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,093,176 shares of the bank's stock after buying an additional 51,933 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.08% of SouthState worth $100,856,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC grew its position in SouthState by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after buying an additional 93,312 shares in the last quarter. Northern Trust Corp grew its position in SouthState by 9.4% during the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock worth $110,598,000 after buying an additional 95,841 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in SouthState by 5.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock worth $103,448,000 after purchasing an additional 52,042 shares during the last quarter. Fisher Asset Management LLC lifted its stake in SouthState by 19.6% during the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after purchasing an additional 139,602 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in SouthState by 4.7% during the fourth quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock worth $83,812,000 after purchasing an additional 37,796 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on SSB. Barclays cut their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Raymond James Financial set a $110.00 target price on SouthState in a research note on Monday, April 28th. Keefe, Bruyette & Woods cut their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Jefferies Financial Group assumed coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target for the company. Finally, DA Davidson dropped their price target on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $116.27.

SouthState Stock Down 0.3%

Shares of NASDAQ:SSB opened at $91.58 on Friday. The firm has a market cap of $9.30 billion, a P/E ratio of 13.16 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. SouthState Co. has a 12-month low of $74.69 and a 12-month high of $114.27. The business has a fifty day simple moving average of $88.56 and a 200 day simple moving average of $93.92.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.36%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio is currently 34.12%.

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.

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