Doliver Advisors LP Acquires Shares of 5,186 SouthState Co. (NASDAQ:SSB)

Doliver Advisors LP acquired a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 5,186 shares of the bank's stock, valued at approximately $481,000.

Other institutional investors have also modified their holdings of the company. Summit Securities Group LLC acquired a new stake in SouthState during the 4th quarter worth $38,000. Aquatic Capital Management LLC acquired a new position in shares of SouthState during the fourth quarter worth about $45,000. Quadrant Capital Group LLC boosted its holdings in SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after buying an additional 99 shares in the last quarter. Versant Capital Management Inc boosted its holdings in SouthState by 577.4% during the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after buying an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its holdings in SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after buying an additional 378 shares in the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at SouthState

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

SouthState Trading Down 0.8%

Shares of SouthState stock traded down $0.73 during trading hours on Monday, hitting $87.07. The company's stock had a trading volume of 738,977 shares, compared to its average volume of 655,677. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The business has a fifty day moving average of $87.82 and a 200 day moving average of $96.74. The company has a market capitalization of $8.84 billion, a PE ratio of 12.51 and a beta of 0.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's payout ratio is 34.12%.

Wall Street Analyst Weigh In

A number of research firms recently commented on SSB. Truist Financial began 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. Raymond James set a $110.00 price target on shares of SouthState in a report on Monday, April 28th. Stephens reaffirmed an "overweight" rating and issued a $119.00 price target on shares of SouthState in a report on Monday, April 28th. Jefferies Financial Group began coverage on shares of SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target on the stock. Finally, Barclays reduced their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $116.27.

SouthState Company 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.