Louisiana State Employees Retirement System lifted its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 29.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,500 shares of the bank's stock after purchasing an additional 6,300 shares during the period. Louisiana State Employees Retirement System's holdings in SouthState were worth $2,553,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in SSB. Cambridge Investment Research Advisors Inc. raised its position in shares of SouthState by 153.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank's stock valued at $949,000 after purchasing an additional 6,196 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of SouthState by 5.7% during the 4th quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock worth $76,982,000 after purchasing an additional 42,041 shares during the period. GAMMA Investing LLC grew its stake in SouthState by 68.1% in the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the bank's stock valued at $109,000 after acquiring an additional 475 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in SouthState by 5.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock worth $100,856,000 after purchasing an additional 51,933 shares during the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in shares of SouthState by 32.1% during the 1st quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock worth $1,066,000 after acquiring an additional 2,790 shares during the period. 89.76% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on SSB. Raymond James Financial set a $110.00 target price on shares of SouthState in a research note on Monday, April 28th. Barclays increased their price objective on SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Truist Financial initiated coverage on SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target for the company. Jefferies Financial Group initiated coverage on SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 price objective on the stock. Finally, DA Davidson decreased their price target on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, SouthState currently has a consensus rating of "Buy" and a consensus price target of $116.45.
Check Out Our Latest Stock Report on SSB
SouthState Stock Performance
Shares of NASDAQ:SSB traded down $4.25 during trading on Tuesday, reaching $94.45. The stock had a trading volume of 910,319 shares, compared to its average volume of 751,582. SouthState Co. has a 52 week low of $77.74 and a 52 week high of $114.27. The firm has a market capitalization of $9.59 billion, a price-to-earnings ratio of 13.57 and a beta of 0.77. 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 fifty day simple moving average of $90.29 and a two-hundred day simple moving average of $93.36.
SouthState Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid a $0.54 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.29%. SouthState's dividend payout ratio is presently 34.12%.
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.
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