Praxis Investment Management Inc. Purchases Shares of 2,960 SouthState Co. (NASDAQ:SSB)

Praxis Investment Management Inc. bought a new stake in SouthState Co. (NASDAQ:SSB - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,960 shares of the bank's stock, valued at approximately $275,000.

Other hedge funds also recently bought and sold shares of the company. Sanctuary Advisors LLC grew its stake in shares of SouthState by 38.8% in the 4th 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 lifted 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 acquiring an additional 126 shares during the last quarter. Handelsbanken Fonder AB grew its position in SouthState by 13.8% in the fourth quarter. Handelsbanken Fonder AB now owns 18,958 shares of the bank's stock worth $1,886,000 after acquiring an additional 2,300 shares in the last quarter. Bank of New York Mellon Corp grew its position 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 worth $83,812,000 after acquiring an additional 37,796 shares in the last quarter. Finally, FourThought Financial Partners LLC acquired a new position in shares of SouthState during the 4th quarter worth $289,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on SSB. Barclays reduced their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Stephens reiterated an "overweight" rating and set a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. DA Davidson lowered their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Finally, Truist Financial began coverage on SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective on the stock. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $116.27.

SouthState Stock Performance

Shares of NASDAQ SSB traded up $3.11 during trading hours on Thursday, hitting $91.94. 975,806 shares of the company's stock were exchanged, compared to its average volume of 675,799. The company's 50-day moving average price is $88.42 and its 200-day moving average price is $94.14. SouthState Co. has a 1-year low of $72.97 and a 1-year high of $114.27. The stock has a market capitalization of $9.33 billion, a price-to-earnings ratio of 13.21 and a beta of 0.77. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were given a $0.54 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.35%. SouthState's dividend payout ratio 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.