Bessemer Group Inc. Cuts Position in SouthState Co. (NASDAQ:SSB)

Bessemer Group Inc. trimmed its position in SouthState Co. (NASDAQ:SSB - Free Report) by 4.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 quarter.

Other large investors also recently modified their holdings of the company. Westwood Holdings Group Inc. grew its stake in SouthState by 2,221.8% during the 4th quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock valued at $72,356,000 after purchasing an additional 696,014 shares in the last quarter. Norges Bank acquired a new position in SouthState during the 4th quarter valued at approximately $67,260,000. Capital Research Global Investors acquired a new position in SouthState during the 4th quarter valued at approximately $60,311,000. JPMorgan Chase & Co. raised its stake in SouthState by 51.4% during the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock valued at $61,569,000 after acquiring an additional 210,019 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in SouthState by 19.6% during the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after acquiring an additional 139,602 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SSB has been the topic of a number of research reports. Keefe, Bruyette & Woods dropped their price objective on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Stephens reissued an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Truist Financial assumed coverage on SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price on the stock. Jefferies Financial Group assumed coverage on SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price on the stock. Finally, Raymond James Financial set a $110.00 target price on SouthState in a research report on Monday, April 28th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, SouthState presently has a consensus rating of "Buy" and an average target price of $116.27.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $91.94 on Friday. The business's 50-day moving average price is $88.42 and its two-hundred day moving average price is $94.14. 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 Co. has a one year low of $72.97 and a one year high of $114.27. The company has a market capitalization of $9.33 billion, a P/E ratio of 13.21 and a beta of 0.77.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.35%. 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.

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