Tributary Capital Management LLC Has $1.29 Million Stock Position in SouthState Co. (NASDAQ:SSB)

Tributary Capital Management LLC lessened its stake in SouthState Co. (NASDAQ:SSB - Free Report) by 93.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 13,910 shares of the bank's stock after selling 188,624 shares during the period. Tributary Capital Management LLC's holdings in SouthState were worth $1,291,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in shares of SouthState during the fourth quarter worth approximately $5,682,000. HighTower Advisors LLC increased its holdings in shares of SouthState by 33.4% in the fourth quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock valued at $1,480,000 after purchasing an additional 3,724 shares in the last quarter. Swiss National Bank increased its holdings in shares of SouthState by 0.7% in the fourth quarter. Swiss National Bank now owns 149,937 shares of the bank's stock valued at $14,916,000 after purchasing an additional 1,100 shares in the last quarter. Commonwealth Equity Services LLC increased its holdings in shares of SouthState by 1.2% in the fourth quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after purchasing an additional 112 shares in the last quarter. Finally, Natixis Advisors LLC increased its holdings in shares of SouthState by 74.4% in the fourth quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock valued at $3,631,000 after purchasing an additional 15,573 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on SSB. Raymond James Financial set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. DA Davidson lowered their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 28th. Stephens reaffirmed an "overweight" rating and set a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Truist Financial began coverage on shares of SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price for the company. Finally, Keefe, Bruyette & Woods lowered their target price on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $116.45.

SouthState Stock Up 1.8%

SSB traded up $1.75 during trading on Thursday, hitting $97.68. The company had a trading volume of 641,466 shares, compared to its average volume of 749,829. The company has a market capitalization of $9.91 billion, a PE ratio of 14.03 and a beta of 0.77. SouthState Co. has a one year low of $77.74 and a one year high of $114.27. The firm's 50-day moving average price is $90.93 and its 200 day moving average price is $93.35. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07.

SouthState Announces Dividend

The firm also recently declared 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 was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.21%. SouthState's payout ratio is currently 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.