State of Alaska Department of Revenue Has $1.07 Million Stake in SouthState Co. (NASDAQ:SSB)

State of Alaska Department of Revenue lifted its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 32.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 11,492 shares of the bank's stock after purchasing an additional 2,790 shares during the period. State of Alaska Department of Revenue's holdings in SouthState were worth $1,066,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC grew its position in shares of SouthState by 5.1% during the 4th quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after purchasing an additional 93,312 shares in the last quarter. Northern Trust Corp grew its position in SouthState by 9.4% during the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock worth $110,598,000 after buying an additional 95,841 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in SouthState by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,039,891 shares of the bank's stock worth $103,448,000 after acquiring an additional 52,042 shares during the period. Fisher Asset Management LLC raised its holdings in SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock valued at $84,703,000 after acquiring an additional 139,602 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in SouthState by 4.7% in the 4th quarter. Bank of New York Mellon Corp now owns 842,498 shares of the bank's stock valued at $83,812,000 after acquiring an additional 37,796 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. DA Davidson decreased their price target on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Raymond James Financial set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. Keefe, Bruyette & Woods lowered their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Jefferies Financial Group began coverage on shares of SouthState in a research report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price objective for the company. Finally, Stephens reaffirmed an "overweight" rating and set a $119.00 target price on shares of SouthState in a research note on Monday, April 28th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $116.27.

SouthState Trading Up 1.2%

Shares of SouthState stock traded up $1.09 during trading on Monday, hitting $92.07. The company's stock had a trading volume of 1,340,382 shares, compared to its average volume of 739,260. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 13.23 and a beta of 0.77. SouthState Co. has a 52 week low of $74.69 and a 52 week high of $114.27. The stock has a 50-day moving average price of $88.72 and a two-hundred day moving average price of $93.70. 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 Dividend Announcement

The company also recently announced 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. This represents a $2.16 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio is presently 34.12%.

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.