Principal Financial Group Inc. Has $21.12 Million Position in SouthState Co. (NASDAQ:SSB)

Principal Financial Group Inc. grew its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 29.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 227,555 shares of the bank's stock after acquiring an additional 52,380 shares during the quarter. Principal Financial Group Inc. owned 0.22% of SouthState worth $21,122,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SSB. Raymond James Financial Inc. bought a new stake in shares of SouthState in the fourth quarter valued at about $5,682,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of SouthState by 22.4% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,853 shares of the bank's stock valued at $1,975,000 after acquiring an additional 3,638 shares during the period. Independent Advisor Alliance boosted its position in shares of SouthState by 0.5% in the fourth quarter. Independent Advisor Alliance now owns 27,914 shares of the bank's stock valued at $2,777,000 after acquiring an additional 145 shares during the period. HighTower Advisors LLC boosted its position in shares of SouthState by 33.4% in the fourth quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock valued at $1,480,000 after acquiring an additional 3,724 shares during the period. Finally, Swiss National Bank boosted its position in shares of SouthState by 0.7% in the fourth quarter. Swiss National Bank now owns 149,937 shares of the bank's stock valued at $14,916,000 after acquiring an additional 1,100 shares during the period. Institutional investors own 89.76% of the company's stock.

SouthState Price Performance

NASDAQ SSB traded down $0.27 during trading on Friday, hitting $97.39. 195,720 shares of the company's stock were exchanged, compared to its average volume of 747,544. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market cap of $9.88 billion, a PE ratio of 13.99 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. The stock's 50 day moving average price is $90.13 and its two-hundred day moving average price is $93.50.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a dividend of $0.54 per share. This represents a $2.16 annualized dividend and a yield of 2.22%. The ex-dividend date was Friday, May 9th. SouthState's payout ratio is 34.12%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SSB. DA Davidson reduced their target price 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. Barclays upped their price objective on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on shares of SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price objective for the company. Keefe, Bruyette & Woods cut their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Finally, Stephens reaffirmed an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, SouthState has a consensus rating of "Buy" and an average price target of $116.45.

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.