SouthState Co. (NASDAQ:SSB) Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 21.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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.

A number of other institutional investors also recently modified their holdings of the company. Summit Securities Group LLC bought a new stake in shares of SouthState in the 4th quarter worth approximately $38,000. Aquatic Capital Management LLC purchased a new position in SouthState during the fourth quarter valued at approximately $45,000. Quadrant Capital Group LLC raised its position in shares of SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after buying an additional 99 shares during the last quarter. Versant Capital Management Inc increased its position in SouthState by 577.4% in the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after purchasing an additional 485 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB increased its position in SouthState by 181.7% during the first 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 last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Stock Down 3.3%

Shares of SouthState stock opened at $85.08 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The company has a market capitalization of $8.63 billion, a P/E ratio of 12.22 and a beta of 0.77. The business's fifty day moving average price is $87.73 and its two-hundred day moving average price is $95.45. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a $0.54 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.54%. SouthState's dividend payout ratio (DPR) is currently 34.12%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SSB shares. Stephens restated an "overweight" rating and set a $119.00 price objective on shares of SouthState in a 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 note on Tuesday, April 8th. Truist Financial started coverage on SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective on the stock. Jefferies Financial Group initiated coverage on SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective on the stock. Finally, DA Davidson dropped their target price on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. One research 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, SouthState presently 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.

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