SouthState Co. (NASDAQ:SSB) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers increased its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 24.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 322,051 shares of the bank's stock after purchasing an additional 63,983 shares during the period. Rhumbline Advisers owned 0.32% of SouthState worth $29,893,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Westwood Holdings Group Inc. raised its holdings 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 buying an additional 696,014 shares during the period. Norges Bank acquired a new stake in shares of SouthState during the fourth quarter worth about $67,260,000. Capital Research Global Investors purchased a new position in shares of SouthState in the fourth quarter valued at approximately $60,311,000. JPMorgan Chase & Co. grew its holdings in shares of SouthState by 51.4% in the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock valued at $61,569,000 after purchasing an additional 210,019 shares in the last quarter. Finally, Fisher Asset Management LLC boosted its position 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 buying an additional 139,602 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SSB has been the subject of a number of analyst reports. Stephens reissued an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. Truist Financial assumed coverage on shares of SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price for the company. DA Davidson cut their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Barclays lowered their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Finally, Raymond James set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. One 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. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $116.27.

SouthState Price Performance

SSB stock traded up $2.35 on Friday, reaching $89.68. 510,080 shares of the company's stock were exchanged, compared to its average volume of 657,632. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The firm has a market cap of $9.10 billion, a PE ratio of 12.89 and a beta of 0.77. SouthState Co. has a twelve month low of $70.68 and a twelve month high of $114.27. The stock has a fifty day moving average of $87.32 and a 200-day moving average of $96.20.

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 issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.41%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio (DPR) is 34.12%.

Insider Activity

In other SouthState news, Director Janet P. Froetscher bought 2,717 shares of SouthState stock in a transaction that occurred on Monday, March 10th. The shares were purchased at an average cost of $92.02 per share, for a total transaction of $250,018.34. Following the completion of the transaction, the director now owns 4,689 shares of the company's stock, valued at $431,481.78. This represents a 137.78% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.70% of the company's stock.

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.