Oregon Public Employees Retirement Fund Boosts Stock Position in SouthState Co. (NASDAQ:SSB)

Oregon Public Employees Retirement Fund lifted its position in SouthState Co. (NASDAQ:SSB - Free Report) by 28.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,901 shares of the bank's stock after purchasing an additional 4,363 shares during the quarter. Oregon Public Employees Retirement Fund's holdings in SouthState were worth $1,847,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSB. Teacher Retirement System of Texas raised its holdings in shares of SouthState by 162.9% during the first quarter. Teacher Retirement System of Texas now owns 20,106 shares of the bank's stock worth $1,866,000 after purchasing an additional 12,458 shares during the last quarter. New York State Teachers Retirement System boosted its stake in shares of SouthState by 25.4% in the first quarter. New York State Teachers Retirement System now owns 15,427 shares of the bank's stock worth $1,432,000 after buying an additional 3,127 shares during the last quarter. Amalgamated Bank grew its holdings in SouthState by 23.7% during the first quarter. Amalgamated Bank now owns 43,201 shares of the bank's stock worth $4,010,000 after acquiring an additional 8,269 shares during the period. KBC Group NV grew its holdings in SouthState by 40.0% during the first quarter. KBC Group NV now owns 4,348 shares of the bank's stock worth $404,000 after acquiring an additional 1,242 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position in SouthState by 5.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock valued at $100,856,000 after acquiring an additional 51,933 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Truist Financial started coverage on SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective on the stock. Jefferies Financial Group initiated coverage on SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price on the stock. DA Davidson cut their price target on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Barclays dropped their price objective on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods reduced their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $116.27.

SouthState Stock Up 0.1%

NASDAQ SSB opened at $96.87 on Friday. The business has a fifty day moving average price of $89.38 and a 200 day moving average price of $93.59. 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 company has a market cap of $9.83 billion, a P/E ratio of 13.92 and a beta of 0.77. SouthState Co. has a one year low of $74.69 and a one year high of $114.27.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given a $0.54 dividend. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is 34.12%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.