SouthState Co. (NASDAQ:SSB) Shares Bought by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 32.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,492 shares of the bank's stock after acquiring 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.

A number of other institutional investors also recently made changes to their positions in SSB. Westwood Holdings Group Inc. lifted its stake in shares of SouthState by 2,221.8% in the 4th quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock worth $72,356,000 after acquiring an additional 696,014 shares during the period. Norges Bank bought a new stake in shares of SouthState in the 4th quarter worth approximately $67,260,000. Capital Research Global Investors bought a new stake in shares of SouthState in the 4th quarter worth approximately $60,311,000. JPMorgan Chase & Co. raised its holdings in shares of SouthState by 51.4% in the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock worth $61,569,000 after purchasing an additional 210,019 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of SouthState by 19.6% in the 4th quarter. Fisher Asset Management LLC now owns 851,455 shares of the bank's stock worth $84,703,000 after purchasing an additional 139,602 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SSB has been the topic of a number of research reports. Barclays dropped their target price on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Stephens reiterated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Truist Financial initiated coverage on shares of SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price on the stock. Jefferies Financial Group started coverage on shares of SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Finally, Keefe, Bruyette & Woods cut their price target 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. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $116.27.

SouthState Stock Up 3.5%

SouthState stock opened at $91.94 on Friday. The firm has a market cap of $9.33 billion, a PE ratio of 13.21 and a beta of 0.77. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The firm's 50 day moving average price is $88.42 and its two-hundred day moving average price is $94.14. SouthState Co. has a twelve month low of $72.97 and a twelve month high of $114.27.

SouthState Announces Dividend

The business also recently disclosed 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 of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.35%. 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.

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