SouthState Co. (NASDAQ:SSB) Shares Purchased by SG Americas Securities LLC

SG Americas Securities LLC lifted its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 118.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 8,676 shares of the bank's stock after purchasing an additional 4,704 shares during the quarter. SG Americas Securities LLC's holdings in SouthState were worth $805,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Stephens reaffirmed an "overweight" rating and set a $119.00 target price on shares of SouthState in a research report on Monday, April 28th. Raymond James Financial set a $110.00 target price on SouthState in a research report on Monday, April 28th. Barclays decreased their target price on SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods decreased their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Finally, DA Davidson decreased their target price on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $116.27.

SouthState Price Performance

SSB stock traded up $2.30 during mid-day trading on Monday, reaching $88.28. 1,025,451 shares of the company's stock were exchanged, compared to its average volume of 669,821. The company has a market cap of $8.96 billion, a price-to-earnings ratio of 12.68 and a beta of 0.77. The stock's 50 day moving average is $88.07 and its 200 day moving average is $94.32. 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 Co. has a 12-month low of $72.74 and a 12-month high of $114.27.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were given a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.45%. SouthState's dividend payout ratio is currently 34.12%.

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.