Retirement Systems of Alabama Has $11.09 Million Stake in SouthState Co. (NASDAQ:SSB)

Retirement Systems of Alabama raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 28.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 119,497 shares of the bank's stock after purchasing an additional 26,731 shares during the quarter. Retirement Systems of Alabama owned 0.12% of SouthState worth $11,092,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State of Alaska Department of Revenue raised its stake in shares of SouthState by 32.1% in the 1st quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock valued at $1,066,000 after purchasing an additional 2,790 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of SouthState by 4.2% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 30,553 shares of the bank's stock valued at $2,836,000 after purchasing an additional 1,239 shares during the period. Fifth Third Bancorp increased its position in shares of SouthState by 102.1% in the first quarter. Fifth Third Bancorp now owns 956 shares of the bank's stock valued at $89,000 after acquiring an additional 483 shares during the last quarter. Handelsbanken Fonder AB increased its position in shares of SouthState by 21.5% in the first quarter. Handelsbanken Fonder AB now owns 23,038 shares of the bank's stock valued at $2,138,000 after acquiring an additional 4,080 shares during the last quarter. Finally, Collier Financial acquired a new stake in shares of SouthState in the first quarter valued at about $69,000. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Trading Down 0.1%

Shares of NASDAQ:SSB opened at $85.99 on Monday. SouthState Co. has a 12-month low of $72.74 and a 12-month high of $114.27. The stock has a market cap of $8.73 billion, a PE ratio of 12.36 and a beta of 0.77. The business has a 50 day moving average of $87.96 and a 200-day moving average of $94.48. 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 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 dividend yield of 2.51%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is currently 34.12%.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Raymond James Financial set a $110.00 target price on SouthState in a research report on Monday, April 28th. Stephens reaffirmed an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research report on Monday, April 28th. Truist Financial assumed coverage on SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price on the stock. Finally, 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 report on Tuesday, May 6th. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus 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.

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