Cambridge Investment Research Advisors Inc. lifted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 153.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,229 shares of the bank's stock after acquiring an additional 6,196 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in SouthState were worth $949,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Quadrant Capital Group LLC increased its holdings in SouthState by 24.2% during the 4th 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. Commonwealth Equity Services LLC grew its position in shares of SouthState by 1.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after purchasing an additional 112 shares during the last quarter. Bragg Financial Advisors Inc increased its stake 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 in the last quarter. Independent Advisor Alliance raised 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 stake in SouthState by 6.4% in the 4th quarter. Baird Financial Group Inc. now owns 2,547 shares of the bank's stock valued at $253,000 after buying an additional 153 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.
Wall Street Analysts Forecast Growth
Several research firms have weighed in on SSB. Keefe, Bruyette & Woods dropped their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Stephens reiterated an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. Raymond James Financial set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. Jefferies Financial Group began coverage on shares of SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 price target on the stock. Finally, Truist Financial assumed coverage on shares of SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective for the company. One 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, the stock currently has an average rating of "Buy" and a consensus price target of $116.27.
Read Our Latest Stock Analysis on SSB
SouthState Stock Up 0.1%
SSB stock opened at $96.87 on Friday. The firm has a 50 day simple moving average of $89.38 and a 200-day simple moving average of $93.54. The company has a market capitalization of $9.83 billion, a P/E ratio of 13.92 and a beta of 0.77. SouthState Co. has a twelve month low of $74.69 and a twelve month high of $114.27. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07.
SouthState Announces Dividend
The company 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. This represents a $2.16 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 34.12%.
SouthState Company Profile
(
Free Report)
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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