Fort Washington Investment Advisors Inc. OH Trims Holdings in SouthState Co. (NASDAQ:SSB)

Fort Washington Investment Advisors Inc. OH reduced its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 22.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 156,869 shares of the bank's stock after selling 44,360 shares during the period. Fort Washington Investment Advisors Inc. OH owned 0.15% of SouthState worth $14,561,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. boosted 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 worth $72,356,000 after acquiring an additional 696,014 shares in the last quarter. Norges Bank bought a new position in shares of SouthState in the 4th quarter worth approximately $67,260,000. Capital Research Global Investors purchased a new position in shares of SouthState during the 4th quarter worth $60,311,000. JPMorgan Chase & Co. grew its holdings in SouthState by 51.4% during 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 period. Finally, Fisher Asset Management LLC grew its stake in shares of SouthState by 19.6% during the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after acquiring an additional 139,602 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Raymond James set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. Truist Financial started coverage on shares of SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target on the stock. DA Davidson lowered their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Jefferies Financial Group initiated coverage on shares of SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 price target for the company. Finally, Stephens reaffirmed an "overweight" rating and issued a $119.00 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 issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, SouthState presently has an average rating of "Buy" and a consensus price target of $116.27.

SouthState Stock Down 3.3%

SouthState stock traded down $2.86 during mid-day trading on Friday, reaching $85.08. 855,324 shares of the company were exchanged, compared to its average volume of 660,244. 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 firm has a market cap of $8.63 billion, a P/E ratio of 12.22 and a beta of 0.77. SouthState Co. has a 12-month low of $70.68 and a 12-month high of $114.27. The business has a fifty day moving average of $87.63 and a 200 day moving average of $95.74.

SouthState Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.54%. SouthState's payout ratio is 34.12%.

SouthState 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.