New York State Teachers Retirement System Increases Stock Holdings in SouthState Co. (NASDAQ:SSB)

New York State Teachers Retirement System lifted its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 25.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,427 shares of the bank's stock after purchasing an additional 3,127 shares during the period. New York State Teachers Retirement System's holdings in SouthState were worth $1,432,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SSB. Summit Securities Group LLC acquired a new position in SouthState during the 4th quarter valued at about $38,000. Aquatic Capital Management LLC bought a new stake in shares of SouthState in the fourth quarter valued at $45,000. Quadrant Capital Group LLC increased its stake in shares of SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after purchasing an additional 99 shares in the last quarter. Versant Capital Management Inc grew its stake in SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after buying an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake 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 valued at $54,000 after purchasing an additional 378 shares during the period. Institutional investors and hedge funds own 89.76% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Barclays boosted their price objective on shares of SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a research note on Tuesday. DA Davidson reduced their price target 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. Keefe, Bruyette & Woods decreased their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. Truist Financial started coverage on SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price for the company. Finally, Jefferies Financial Group initiated coverage on SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target on the stock. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, SouthState presently has an average rating of "Buy" and an average price target of $116.45.

SouthState Trading Up 0.3%

Shares of SSB traded up $0.33 during mid-day trading on Thursday, reaching $97.73. The company's stock had a trading volume of 624,386 shares, compared to its average volume of 748,299. The company's fifty day moving average price is $89.94 and its two-hundred day moving average price is $93.52. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 52 week low of $75.69 and a 52 week high of $114.27. The stock has a market cap of $9.92 billion, a PE ratio of 14.04 and a beta of 0.77.

SouthState Dividend Announcement

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 dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 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.