SouthState Co. (NASDAQ:SSB) Shares Sold by Bessemer Group Inc.

Bessemer Group Inc. lessened its position in SouthState Co. (NASDAQ:SSB - Free Report) by 4.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 264,969 shares of the bank's stock after selling 12,661 shares during the quarter. Bessemer Group Inc. owned 0.26% of SouthState worth $24,596,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SSB. The Manufacturers Life Insurance Company grew its position in SouthState by 5.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock valued at $76,982,000 after acquiring an additional 42,041 shares during the last quarter. Praxis Investment Management Inc. purchased a new stake in shares of SouthState during the first quarter valued at $275,000. State of Alaska Department of Revenue boosted its stake in shares of SouthState by 32.1% during the first quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock valued at $1,066,000 after purchasing an additional 2,790 shares during the period. Capital Research Global Investors bought a new position in shares of SouthState in the fourth quarter worth about $60,311,000. Finally, HighTower Advisors LLC raised its stake in shares of SouthState by 33.4% during the fourth quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock valued at $1,480,000 after acquiring an additional 3,724 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Stock Up 1.2%

SSB stock traded up $1.09 during trading on Monday, reaching $92.07. 1,340,382 shares of the company traded hands, compared to its average volume of 739,260. The business has a 50 day simple moving average of $88.72 and a 200 day simple moving average of $93.70. SouthState Co. has a 12 month low of $74.69 and a 12 month high of $114.27. 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 company has a market capitalization of $9.34 billion, a price-to-earnings ratio of 13.23 and a beta of 0.77.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders 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 dividend yield of 2.35%. The ex-dividend date was Friday, May 9th. SouthState's payout ratio is presently 34.12%.

Wall Street Analysts Forecast Growth

SSB has been the topic of several research analyst reports. DA Davidson dropped their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Raymond James Financial set a $110.00 price target on SouthState in a research report on Monday, April 28th. Jefferies Financial Group assumed coverage on SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 price target on the stock. Keefe, Bruyette & Woods lowered their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Finally, Stephens reiterated an "overweight" rating and set a $119.00 target price on shares of SouthState in a report on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $116.27.

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.