Teacher Retirement System of Texas Buys 12,458 Shares of SouthState Co. (NASDAQ:SSB)

Teacher Retirement System of Texas lifted its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 162.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,106 shares of the bank's stock after acquiring an additional 12,458 shares during the period. Teacher Retirement System of Texas' holdings in SouthState were worth $1,866,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SSB. Geode Capital Management LLC grew its stake 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 purchasing an additional 93,312 shares in the last quarter. Northern Trust Corp grew its position in shares of SouthState by 9.4% in the 4th 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 during the period. Allspring Global Investments Holdings LLC grew its position in shares of SouthState by 5.0% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock valued at $100,856,000 after acquiring an additional 51,933 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of SouthState by 5.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock valued at $76,982,000 after acquiring an additional 42,041 shares during the period. Finally, Westwood Holdings Group Inc. grew its position 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 valued at $72,356,000 after acquiring an additional 696,014 shares during the period. Institutional investors own 89.76% of the company's stock.

SouthState Stock Performance

NASDAQ SSB traded down $0.64 during trading on Friday, reaching $97.01. The company's stock had a trading volume of 792,190 shares, compared to its average volume of 749,875. 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 capitalization of $9.85 billion, a price-to-earnings ratio of 13.94 and a beta of 0.77. SouthState Co. has a 12 month low of $77.74 and a 12 month high of $114.27. The firm has a 50 day moving average price of $90.13 and a 200 day moving average price of $93.50.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.23%. SouthState's payout ratio is 34.12%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SSB shares. Keefe, Bruyette & Woods reduced their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Barclays lifted their target price on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a report on Tuesday. Stephens reaffirmed an "overweight" rating and set a $119.00 target price on shares of SouthState in a 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. Finally, Jefferies Financial Group assumed coverage on shares of SouthState in a report on Wednesday, May 21st. They set 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 stock. Based on data from MarketBeat, SouthState presently has an average rating of "Buy" and an average price target of $116.45.

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.