Allspring Global Investments Holdings LLC Raises Position in SouthState Co. (NASDAQ:SSB)

Allspring Global Investments Holdings LLC grew its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 5.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,093,176 shares of the bank's stock after purchasing an additional 51,933 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.08% of SouthState worth $100,856,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SSB. Summit Securities Group LLC purchased a new position in SouthState in the fourth quarter valued at about $38,000. Aquatic Capital Management LLC bought a new position in shares of SouthState during the fourth quarter valued at $45,000. Quadrant Capital Group LLC boosted its holdings in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after acquiring an additional 99 shares in the last quarter. Versant Capital Management Inc increased its position in SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after acquiring an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after acquiring an additional 378 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 analysts recently weighed in on SSB shares. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Barclays lowered their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Stephens restated an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Jefferies Financial Group started coverage on SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price for the company. Finally, Truist Financial initiated coverage on shares of SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price on the stock. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $116.27.

SouthState Trading Up 1.6%

Shares of NASDAQ SSB traded up $1.57 during trading on Wednesday, hitting $96.83. 953,294 shares of the company were exchanged, compared to its average volume of 742,773. 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 firm has a market capitalization of $9.83 billion, a PE ratio of 13.91 and a beta of 0.77. The company has a fifty day moving average price of $88.88 and a 200-day moving average price of $93.71. SouthState Co. has a 12-month low of $74.69 and a 12-month high of $114.27.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.23%. SouthState's dividend payout ratio (DPR) is 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.