Handelsbanken Fonder AB Has $2.14 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Handelsbanken Fonder AB grew its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 21.5% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,038 shares of the bank's stock after purchasing an additional 4,080 shares during the period. Handelsbanken Fonder AB's holdings in SouthState were worth $2,138,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Summit Securities Group LLC bought a new stake in SouthState during the fourth quarter worth about $38,000. Aquatic Capital Management LLC bought a new stake in shares of SouthState during the 4th quarter worth $45,000. Quadrant Capital Group LLC grew its position in SouthState by 24.2% in the fourth 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 last quarter. Versant Capital Management Inc grew its position in SouthState by 577.4% in the first 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 last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake in SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after acquiring an additional 378 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Trading Up 0.8%

Shares of NASDAQ SSB traded up $0.72 during midday trading on Wednesday, reaching $85.85. The stock had a trading volume of 381,864 shares, compared to its average volume of 663,894. The company's 50 day moving average price is $87.80 and its 200 day moving average price is $95.10. 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 Co. has a twelve month low of $72.10 and a twelve month high of $114.27. The firm has a market cap of $8.71 billion, a price-to-earnings ratio of 12.33 and a beta of 0.77.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were issued a $0.54 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.52%. SouthState's payout ratio is 34.12%.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of research analyst reports. Raymond James Financial set a $110.00 price target on shares of SouthState in a research note on Monday, April 28th. Barclays decreased their target price on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Truist Financial began coverage on SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target for the company. DA Davidson reduced their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, 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 for the company. One research 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 company's stock. According to MarketBeat, SouthState has an average rating of "Buy" and an average target price of $116.27.

SouthState Company 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.