Praxis Investment Management Inc. bought a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 2,960 shares of the bank's stock, valued at approximately $275,000.
Other large investors also recently modified their holdings of the company. Sanctuary Advisors LLC boosted its stake in SouthState by 38.8% in the fourth quarter. Sanctuary Advisors LLC now owns 3,782 shares of the bank's stock valued at $401,000 after buying an additional 1,057 shares in the last quarter. CIBC Asset Management Inc boosted its stake in SouthState by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock valued at $231,000 after buying an additional 126 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in SouthState by 13.8% in the fourth quarter. Handelsbanken Fonder AB now owns 18,958 shares of the bank's stock valued at $1,886,000 after buying an additional 2,300 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in SouthState by 4.7% in the fourth quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock valued at $83,812,000 after buying an additional 37,796 shares in the last quarter. Finally, FourThought Financial Partners LLC acquired a new stake in SouthState in the fourth quarter valued at about $289,000. 89.76% of the stock is owned by institutional investors and hedge funds.
SouthState Trading Up 2.7%
Shares of SSB stock traded up $2.30 during mid-day trading on Monday, reaching $88.28. 1,025,451 shares of the stock traded hands, compared to its average volume of 669,821. The stock's fifty day simple moving average is $88.07 and its two-hundred day simple moving average is $94.32. SouthState Co. has a 1-year low of $72.74 and a 1-year high of $114.27. The company has a market cap of $8.96 billion, a price-to-earnings ratio of 12.68 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.
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 given a dividend of $0.54 per share. 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 2.45%. SouthState's dividend payout ratio (DPR) is 34.12%.
Analyst Ratings Changes
Several analysts recently weighed in on SSB shares. Jefferies Financial Group started coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective on the stock. DA Davidson reduced their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Raymond James Financial set a $110.00 price objective on SouthState in a research note on Monday, April 28th. Stephens reaffirmed an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Finally, Barclays cut their price target on SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. One research 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $116.27.
Read Our Latest Stock Analysis on SSB
SouthState Company Profile
(
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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