Sequoia Financial Advisors LLC Boosts Holdings in SouthState Co. (NASDAQ:SSB)

Sequoia Financial Advisors LLC grew its position in SouthState Co. (NASDAQ:SSB - Free Report) by 158.1% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,306 shares of the bank's stock after buying an additional 5,088 shares during the period. Sequoia Financial Advisors LLC's holdings in SouthState were worth $771,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Summit Securities Group LLC purchased a new stake in SouthState in the fourth quarter valued at about $38,000. Aquatic Capital Management LLC acquired a new position in shares of SouthState during the fourth quarter valued at about $45,000. Quadrant Capital Group LLC raised its position in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares during the last quarter. Versant Capital Management Inc raised its position in shares of SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after purchasing an additional 485 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB boosted its stake in SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after purchasing an additional 378 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Price Performance

Shares of SSB stock traded up $0.13 during mid-day trading on Friday, hitting $96.87. 482,337 shares of the stock were exchanged, compared to its average volume of 744,698. SouthState Co. has a 52-week low of $74.69 and a 52-week high of $114.27. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The company has a market cap of $9.83 billion, a PE ratio of 13.92 and a beta of 0.77. The firm has a fifty day moving average of $89.19 and a 200 day moving average of $93.66.

SouthState Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's payout ratio is currently 34.12%.

Wall Street Analysts Forecast Growth

SSB has been the subject of several research reports. Jefferies Financial Group assumed coverage on shares of SouthState in a research note on Wednesday, May 21st. They set a "buy" rating and a $110.00 price objective for the company. Raymond James Financial set a $110.00 price target on shares of SouthState in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. DA Davidson lowered their price target on shares of 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 initiated coverage on SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target on the stock. One 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $116.27.

About SouthState

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.