Retirement Systems of Alabama Purchases 26,731 Shares of SouthState Co. (NASDAQ:SSB)

Retirement Systems of Alabama lifted its position in SouthState Co. (NASDAQ:SSB - Free Report) by 28.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 119,497 shares of the bank's stock after buying an additional 26,731 shares during the quarter. Retirement Systems of Alabama owned about 0.12% of SouthState worth $11,092,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Sanctuary Advisors LLC lifted its position in shares of SouthState by 38.8% during the 4th quarter. Sanctuary Advisors LLC now owns 3,782 shares of the bank's stock worth $401,000 after purchasing an additional 1,057 shares during the last quarter. CIBC Asset Management Inc increased its position in SouthState by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank's stock worth $231,000 after buying an additional 126 shares during the period. Handelsbanken Fonder AB lifted its holdings in shares of SouthState by 13.8% during the fourth quarter. Handelsbanken Fonder AB now owns 18,958 shares of the bank's stock worth $1,886,000 after buying an additional 2,300 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of 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 acquiring an additional 37,796 shares during the period. Finally, FourThought Financial Partners LLC bought a new stake in shares of SouthState in the fourth quarter valued at approximately $289,000. 89.76% of the stock is owned by institutional investors.

SouthState Price Performance

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

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.35%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio is 34.12%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SSB shares. Truist Financial began coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price on the stock. Stephens reaffirmed an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. Barclays reduced their target price 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. Raymond James Financial set a $110.00 target price on SouthState in a research report on Monday, April 28th. Finally, Keefe, Bruyette & Woods cut their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, SouthState has an average rating of "Buy" and an average target price of $116.27.

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.