SouthState Co. (NASDAQ:SSB) Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 14.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 964,089 shares of the bank's stock after buying an additional 121,591 shares during the period. Bank of New York Mellon Corp owned approximately 0.95% of SouthState worth $89,487,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SSB. Quadrant Capital Group LLC lifted its position in shares of SouthState by 24.2% during the 4th 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. Commonwealth Equity Services LLC lifted its position in shares of SouthState by 1.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock worth $949,000 after purchasing an additional 112 shares during the last quarter. Bragg Financial Advisors Inc lifted its position in shares of SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank's stock worth $276,000 after purchasing an additional 115 shares during the last quarter. Independent Advisor Alliance lifted its position in shares of SouthState by 0.5% during the 4th quarter. Independent Advisor Alliance now owns 27,914 shares of the bank's stock worth $2,777,000 after purchasing an additional 145 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its position in SouthState by 6.4% in the fourth quarter. Baird Financial Group Inc. now owns 2,547 shares of the bank's stock valued at $253,000 after acquiring an additional 153 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Stock Performance

Shares of NASDAQ:SSB traded down $0.64 on Friday, reaching $97.01. The company's stock had a trading volume of 792,190 shares, compared to its average volume of 749,709. The stock's 50-day moving average is $90.29 and its two-hundred day moving average is $93.42. 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 stock has a market capitalization of $9.85 billion, a P/E ratio of 13.94 and a beta of 0.77.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid 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 dividend payout ratio (DPR) is 34.12%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SSB. Keefe, Bruyette & Woods reduced their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Jefferies Financial Group began coverage on shares of SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target for the company. DA Davidson reduced their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Stephens reissued an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research report on Monday, April 28th. Finally, Barclays boosted their price target on shares of SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target 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.