New York State Common Retirement Fund Boosts Stake in SouthState Co. (NASDAQ:SSB)

New York State Common Retirement Fund raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 6.1% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 232,260 shares of the bank's stock after acquiring an additional 13,392 shares during the period. New York State Common Retirement Fund owned about 0.23% of SouthState worth $21,558,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of SSB. Cambridge Investment Research Advisors Inc. increased its position in shares of SouthState by 153.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank's stock worth $949,000 after purchasing an additional 6,196 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of SouthState by 5.7% during the 4th 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 during the last quarter. GAMMA Investing LLC increased its position in shares of SouthState by 68.1% during the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the bank's stock worth $109,000 after purchasing an additional 475 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of SouthState by 5.0% during the 1st 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 during the last quarter. Finally, State of Alaska Department of Revenue increased its position in shares of SouthState by 32.1% during the 1st quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock worth $1,066,000 after purchasing an additional 2,790 shares during the last quarter. Institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on SSB shares. Keefe, Bruyette & Woods lowered their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Stephens reaffirmed an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Raymond James Financial set a $110.00 target price on SouthState in a research report on Monday, April 28th. Barclays upped their target price on SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, DA Davidson cut their target price on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. One investment analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, SouthState has a consensus rating of "Buy" and a consensus target price of $116.45.

SouthState Stock Up 1.9%

SouthState stock traded up $1.80 during mid-day trading on Thursday, reaching $97.73. The stock had a trading volume of 163,349 shares, compared to its average volume of 748,706. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.27. The stock's 50-day simple moving average is $90.77 and its 200-day simple moving average is $93.37. The firm has a market capitalization of $9.92 billion, a PE ratio of 14.03 and a beta of 0.77.

SouthState Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors 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 annualized dividend and a dividend yield of 2.21%. SouthState's payout ratio is 34.12%.

About SouthState

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.