Arizona State Retirement System Raises Stake in SouthState Co. (NASDAQ:SSB)

Arizona State Retirement System raised its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 31.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 29,015 shares of the bank's stock after purchasing an additional 6,887 shares during the period. Arizona State Retirement System's holdings in SouthState were worth $2,693,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SSB. Summit Securities Group LLC bought a new stake in SouthState during the 4th quarter valued at approximately $38,000. Aquatic Capital Management LLC bought a new stake in SouthState during the 4th quarter valued at approximately $45,000. Quadrant Capital Group LLC boosted its position in SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after acquiring an additional 99 shares in the last quarter. Versant Capital Management Inc boosted its position 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 acquiring an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its position in SouthState by 181.7% during the 1st 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 in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Stephens reaffirmed an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. Jefferies Financial Group assumed coverage on SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective on the stock. Raymond James Financial set a $110.00 price objective on SouthState in a research report on Monday, April 28th. Barclays increased their price target on SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Truist Financial initiated coverage on SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target on the stock. One research 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 company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $116.45.

SouthState Trading Up 0.1%

Shares of NASDAQ:SSB traded up $0.12 during trading on Friday, reaching $97.71. 538,885 shares of the company were exchanged, compared to its average volume of 749,389. The firm has a market capitalization of $9.92 billion, a PE ratio of 14.04 and a beta of 0.77. The business's fifty day simple moving average is $91.11 and its 200-day simple moving average is $93.30. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio is currently 34.12%.

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.