New Mexico Educational Retirement Board Buys 4,500 Shares of SouthState Co. (NASDAQ:SSB)

New Mexico Educational Retirement Board lifted its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 29.0% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 20,000 shares of the bank's stock after acquiring an additional 4,500 shares during the quarter. New Mexico Educational Retirement Board's holdings in SouthState were worth $1,856,000 as of its most recent filing with the SEC.

Other large investors also recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in shares of SouthState during the 4th quarter worth about $38,000. Aquatic Capital Management LLC bought a new stake in shares of SouthState during the 4th quarter worth about $45,000. Quadrant Capital Group LLC boosted its stake in shares of SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after acquiring an additional 99 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after purchasing an additional 485 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of SouthState by 181.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after purchasing an additional 378 shares during the last quarter. Institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SSB. Truist Financial began coverage on SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective for the company. Raymond James Financial set a $110.00 price objective on SouthState in a research report on Monday, April 28th. Barclays boosted their price objective on SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Tuesday. Jefferies Financial Group began coverage on SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price objective for the company. Finally, DA Davidson cut their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. One research 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 data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $116.45.

SouthState Stock Performance

SouthState stock traded down $0.64 during trading hours on Friday, hitting $97.01. The stock had a trading volume of 792,190 shares, compared to its average volume of 749,516. The company has a 50-day moving average of $90.29 and a two-hundred day moving average of $93.47. 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 company has a market cap of $9.85 billion, a PE ratio of 13.94 and a beta of 0.77. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.27.

SouthState Announces Dividend

The business also recently disclosed 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 2.23%. SouthState's dividend payout ratio is currently 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.