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Edgestream Partners L.P. Boosts Stock Holdings in SouthState Co. (NASDAQ:SSB)

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Edgestream Partners L.P. increased its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 135.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 61,850 shares of the bank's stock after buying an additional 35,603 shares during the period. Edgestream Partners L.P. owned 0.06% of SouthState worth $5,741,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in SSB. Securian Asset Management Inc. grew its holdings in SouthState by 28.9% during the 1st quarter. Securian Asset Management Inc. now owns 7,434 shares of the bank's stock worth $690,000 after acquiring an additional 1,667 shares in the last quarter. MQS Management LLC bought a new position in SouthState during the 1st quarter worth about $244,000. Louisiana State Employees Retirement System grew its holdings in SouthState by 29.7% during the 1st quarter. Louisiana State Employees Retirement System now owns 27,500 shares of the bank's stock worth $2,553,000 after acquiring an additional 6,300 shares in the last quarter. Stephens Inc. AR grew its holdings in SouthState by 126.8% during the 1st quarter. Stephens Inc. AR now owns 4,654 shares of the bank's stock worth $432,000 after acquiring an additional 2,602 shares in the last quarter. Finally, New York State Common Retirement Fund grew its holdings in SouthState by 6.1% during the 1st quarter. New York State Common Retirement Fund now owns 232,260 shares of the bank's stock worth $21,558,000 after acquiring an additional 13,392 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Stock Performance

SSB stock traded up $0.08 during trading on Friday, reaching $97.67. The company had a trading volume of 282,943 shares, compared to its average volume of 748,027. The firm has a 50-day simple moving average of $90.93 and a 200-day simple moving average of $93.35. The company has a market cap of $9.91 billion, a price-to-earnings ratio of 14.05 and a beta of 0.77. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a twelve month low of $77.74 and a twelve month high of $114.27.

SouthState Dividend Announcement

The firm also recently declared 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. This represents a $2.16 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio is presently 34.12%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SSB shares. DA Davidson dropped their target price 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. 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. Keefe, Bruyette & Woods lowered their price target 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. Barclays raised their price target on shares of SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Stephens restated an "overweight" rating and issued a $119.00 price target on shares of SouthState in a 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, SouthState currently has a consensus rating of "Buy" and an average price target of $116.45.

Read Our Latest Stock Report on SouthState

About SouthState

(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.

See Also

Institutional Ownership by Quarter for SouthState (NASDAQ:SSB)

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