SouthState Co. (NASDAQ:SSB) Shares Sold by Fort Washington Investment Advisors Inc. OH

Fort Washington Investment Advisors Inc. OH lessened its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 22.0% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 156,869 shares of the bank's stock after selling 44,360 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.15% of SouthState worth $14,561,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in SSB. Westwood Holdings Group Inc. raised its holdings in SouthState by 2,221.8% in the fourth quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock valued at $72,356,000 after acquiring an additional 696,014 shares in the last quarter. Norges Bank purchased a new position in SouthState in the fourth quarter valued at approximately $67,260,000. Capital Research Global Investors purchased a new position in SouthState in the fourth quarter valued at approximately $60,311,000. JPMorgan Chase & Co. increased its stake in SouthState by 51.4% in the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock valued at $61,569,000 after purchasing an additional 210,019 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in SouthState by 19.6% in the fourth quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after purchasing an additional 139,602 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Stock Performance

Shares of NASDAQ SSB traded up $0.98 during mid-day trading on Monday, hitting $86.20. 946,530 shares of the company were exchanged, compared to its average volume of 662,188. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a 50 day simple moving average of $87.85 and a 200-day simple moving average of $95.17. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The firm has a market cap of $8.75 billion, a price-to-earnings ratio of 12.38 and a beta of 0.77.

SouthState Announces Dividend

The business 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 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio is presently 34.12%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on SSB shares. Barclays dropped their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. DA Davidson dropped their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Stephens restated an "overweight" rating and set a $119.00 target price on shares of SouthState in a research report on Monday, April 28th. Raymond James set a $110.00 target price on shares of SouthState in a research report on Monday, April 28th. Finally, 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 target price on the stock. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus 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.