Ferguson Shapiro LLC bought a new stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 13,000 shares of the bank's stock, valued at approximately $1,207,000. SouthState makes up approximately 0.4% of Ferguson Shapiro LLC's holdings, making the stock its 23rd largest holding.
Several other hedge funds also recently added to or reduced their stakes in the business. Sheets Smith Wealth Management increased its position in SouthState by 4.7% during the 1st quarter. Sheets Smith Wealth Management now owns 6,205 shares of the bank's stock valued at $576,000 after buying an additional 276 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its position in SouthState by 153.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank's stock valued at $949,000 after buying an additional 6,196 shares in the last quarter. Praxis Investment Management Inc. purchased a new stake in SouthState during the 1st quarter valued at about $275,000. Segment Wealth Management LLC acquired a new position in shares of SouthState in the 1st quarter valued at $294,000. Finally, Retirement Systems of Alabama lifted its stake in shares of SouthState by 28.8% in the 1st quarter. Retirement Systems of Alabama now owns 119,497 shares of the bank's stock valued at $11,092,000 after purchasing an additional 26,731 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.
SouthState Stock Down 0.3%
Shares of SSB traded down $0.32 during mid-day trading on Friday, hitting $91.58. 16,145,154 shares of the company's stock were exchanged, compared to its average volume of 738,799. The company has a market cap of $9.30 billion, a price-to-earnings ratio of 13.16 and a beta of 0.77. SouthState Co. has a fifty-two week low of $74.69 and a fifty-two week high of $114.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The stock's 50-day moving average is $88.56 and its 200-day moving average is $94.03.
SouthState Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were issued a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.36%. SouthState's payout ratio is currently 34.12%.
Analysts Set New Price Targets
A number of equities analysts have weighed in on SSB shares. Stephens restated an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. Truist Financial started coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective for the company. DA Davidson reduced their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Jefferies Financial Group started coverage on shares of SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price objective for the company. Finally, Raymond James Financial set a $110.00 price objective on shares of SouthState in a research report on Monday, April 28th. One 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 company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $116.27.
Read Our Latest Stock Analysis on SSB
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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