New York State Common Retirement Fund Acquires 13,392 Shares of SouthState Co. (NASDAQ:SSB)

New York State Common Retirement Fund lifted its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 6.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 232,260 shares of the bank's stock after purchasing an additional 13,392 shares during the quarter. New York State Common Retirement Fund owned approximately 0.23% of SouthState worth $21,558,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in SouthState in the 4th quarter valued at $5,682,000. HighTower Advisors LLC increased its position in shares of SouthState by 33.4% during the 4th quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock worth $1,480,000 after purchasing an additional 3,724 shares in the last quarter. Swiss National Bank increased its position in SouthState by 0.7% in the 4th quarter. Swiss National Bank now owns 149,937 shares of the bank's stock valued at $14,916,000 after acquiring an additional 1,100 shares in the last quarter. Skandinaviska Enskilda Banken AB publ acquired a new stake in SouthState in the 4th quarter valued at about $699,000. Finally, Commonwealth Equity Services LLC increased its position in SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after acquiring an additional 112 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Performance

NASDAQ:SSB traded up $0.12 during mid-day trading on Friday, reaching $97.71. The company's stock had a trading volume of 538,885 shares, compared to its average volume of 748,926. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.27. The firm's fifty day moving average price is $91.11 and its two-hundred day moving average price is $93.34. 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 stock has a market cap of $9.92 billion, a P/E ratio of 14.04 and a beta of 0.77.

SouthState Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid 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 2.21%. SouthState's dividend payout ratio (DPR) is presently 34.12%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Stephens reissued an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Raymond James Financial set a $110.00 target price on shares of SouthState in a research report on Monday, April 28th. Barclays increased 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, July 8th. DA Davidson reduced their price objective on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Finally, Jefferies Financial Group began coverage on shares of SouthState in a report on Wednesday, May 21st. They set a "buy" rating and a $110.00 price objective on the stock. One equities 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, the stock has a consensus rating of "Buy" and a consensus target price 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.