Mutual of America Capital Management LLC Raises Stake in SouthState Co. (NASDAQ:SSB)

Mutual of America Capital Management LLC boosted its position in SouthState Co. (NASDAQ:SSB - Free Report) by 189.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 116,585 shares of the bank's stock after acquiring an additional 76,285 shares during the quarter. Mutual of America Capital Management LLC owned 0.12% of SouthState worth $10,821,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in SouthState by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock valued at $192,531,000 after acquiring an additional 93,312 shares in the last quarter. Northern Trust Corp raised its holdings in SouthState by 9.4% in the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock valued at $110,598,000 after acquiring an additional 95,841 shares in the last quarter. Allspring Global Investments Holdings LLC raised its holdings in SouthState by 5.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock worth $100,856,000 after purchasing an additional 51,933 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in SouthState by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 964,089 shares of the bank's stock worth $89,487,000 after purchasing an additional 121,591 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in SouthState by 5.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock worth $76,982,000 after purchasing an additional 42,041 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SSB shares. Truist Financial started coverage on shares of SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price objective on the stock. Keefe, Bruyette & Woods cut 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. Stephens reissued an "overweight" rating and set a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. DA Davidson cut their price objective 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, Barclays raised their price objective on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. One investment 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 company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $116.45.

SouthState Stock Performance

Shares of SouthState stock traded down $1.20 during trading on Tuesday, reaching $97.50. The company's stock had a trading volume of 82,769 shares, compared to its average volume of 925,853. The company has a 50-day moving average price of $90.29 and a two-hundred day moving average price of $93.36. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.26. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market cap of $9.90 billion, a PE ratio of 14.01 and a beta of 0.77.

SouthState Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given a $0.54 dividend. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.22%. SouthState's dividend payout ratio (DPR) is 34.12%.

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.