3,056 Shares in SouthState Co. (NASDAQ:SSB) Purchased by Callahan Advisors LLC

Callahan Advisors LLC purchased a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 3,056 shares of the bank's stock, valued at approximately $284,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SSB. Summit Securities Group LLC purchased a new position in SouthState during the 4th quarter worth $38,000. Aquatic Capital Management LLC purchased a new stake in shares of SouthState in the fourth quarter valued at about $45,000. Quadrant Capital Group LLC boosted 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 valued at $51,000 after acquiring an additional 99 shares in the last quarter. Versant Capital Management Inc boosted 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 valued at $53,000 after acquiring an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted 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 valued at $54,000 after acquiring an additional 378 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SSB has been the topic of several analyst reports. Raymond James Financial set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. DA Davidson decreased their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Barclays boosted their price objective on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Truist Financial assumed coverage on shares of SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective on the stock. Finally, Keefe, Bruyette & Woods decreased their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. One 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 stock. According to MarketBeat.com, SouthState has an average rating of "Buy" and a consensus target price of $116.45.

SouthState Price Performance

SSB traded up $1.58 during midday trading on Monday, reaching $98.72. 1,059,174 shares of the company's stock were exchanged, compared to its average volume of 750,947. 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 $10.02 billion, a PE ratio of 14.18 and a beta of 0.77. The business's 50-day moving average price is $90.29 and its 200 day moving average price is $93.36. SouthState Co. has a 1-year low of $77.74 and a 1-year high of $114.27.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.19%. SouthState's dividend payout ratio (DPR) is 34.12%.

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.