Doliver Advisors LP Buys New Shares in SouthState Co. (NASDAQ:SSB)

Doliver Advisors LP acquired a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 5,186 shares of the bank's stock, valued at approximately $481,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its stake in shares of SouthState by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after buying an additional 93,312 shares during the last quarter. Northern Trust Corp boosted its stake in shares of SouthState by 9.4% in the 4th quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock worth $110,598,000 after buying an additional 95,841 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of SouthState by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock worth $103,448,000 after buying an additional 52,042 shares during the last quarter. Fisher Asset Management LLC boosted its stake in shares of SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after buying an additional 139,602 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of SouthState by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock worth $83,812,000 after buying an additional 37,796 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SSB. Jefferies Financial Group began coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research note on Monday, April 28th. 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 set a $110.00 price objective on SouthState in a research note on Monday, April 28th. Finally, Truist Financial started coverage on SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective on the stock. 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 has an average rating of "Buy" and a consensus price target of $116.27.

Insiders Place Their Bets

In other news, Director G Stacy Smith purchased 3,100 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were purchased at an average price of $93.60 per share, with a total value of $290,160.00. Following the completion of the acquisition, the director now owns 36,779 shares in the company, valued at $3,442,514.40. This trade represents a 9.20% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Janet P. Froetscher purchased 2,717 shares of the firm's stock in a transaction dated Monday, March 10th. The stock was purchased at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the acquisition, the director now owns 4,689 shares of the company's stock, valued at approximately $431,481.78. This trade represents a 137.78% increase in their position. The disclosure for this purchase can be found here. Company insiders own 1.70% of the company's stock.

SouthState Stock Performance

Shares of NASDAQ:SSB traded down $0.93 during trading on Wednesday, hitting $87.70. 178,674 shares of the company were exchanged, compared to its average volume of 654,548. The company has a market cap of $8.90 billion, a PE ratio of 12.60 and a beta of 0.75. The stock has a 50 day moving average of $87.58 and a 200 day moving average of $96.55. SouthState Co. has a 52-week low of $70.68 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.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were given 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 dividend yield of 2.46%. SouthState's dividend payout ratio is currently 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.