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

Arizona State Retirement System lifted its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 31.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,015 shares of the bank's stock after buying an additional 6,887 shares during the quarter. Arizona State Retirement System's holdings in SouthState were worth $2,693,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Summit Securities Group LLC acquired a new position in SouthState during the fourth quarter worth $38,000. Aquatic Capital Management LLC acquired a new position in SouthState during the fourth quarter worth $45,000. Quadrant Capital Group LLC raised its holdings 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 acquiring an additional 99 shares during the last quarter. Versant Capital Management Inc raised its holdings 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 acquiring an additional 485 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of SouthState by 181.7% in 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. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Trading Up 0.1%

SSB stock traded up $0.12 during trading on Friday, reaching $97.71. 538,885 shares of the stock traded hands, compared to its average volume of 748,988. The business's 50 day moving average price is $90.93 and its 200-day moving average price is $93.35. SouthState Co. has a 52-week low of $77.74 and a 52-week 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. The firm has a market capitalization of $9.92 billion, a PE ratio of 14.04 and a beta of 0.77.

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 given a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Stephens reissued an "overweight" rating and issued a $119.00 price target on shares of SouthState in a report on Monday, April 28th. Jefferies Financial Group assumed coverage on SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target for the company. Keefe, Bruyette & Woods cut their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Barclays boosted their price target on SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Truist Financial started coverage on SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target for the company. 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $116.45.

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.