SouthState Co. (NASDAQ:SSB) Shares Sold by Tributary Capital Management LLC

Tributary Capital Management LLC decreased its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 93.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor 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 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Verdence Capital Advisors LLC purchased a new position in shares of SouthState during the 1st quarter worth $388,000. Larson Financial Group LLC boosted its stake in shares of SouthState by 22,885.7% during the 1st quarter. Larson Financial Group LLC now owns 1,609 shares of the bank's stock worth $149,000 after acquiring an additional 1,602 shares during the last quarter. Trail Ridge Investment Advisors LLC purchased a new position in shares of SouthState during the 1st quarter valued at $256,000. Signaturefd LLC lifted its stake in shares of SouthState by 12.5% during the 1st quarter. Signaturefd LLC now owns 13,453 shares of the bank's stock valued at $1,249,000 after buying an additional 1,498 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its stake in shares of SouthState by 135.6% during the 1st quarter. Edgestream Partners L.P. now owns 61,850 shares of the bank's stock valued at $5,741,000 after buying an additional 35,603 shares in the last quarter. Institutional investors own 89.76% of the company's stock.

Analyst Ratings Changes

SSB has been the topic of a number of research reports. DA Davidson reduced their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Truist Financial began coverage on shares of SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target on the stock. Raymond James Financial set a $110.00 target price on shares of SouthState in a report on Monday, April 28th. Barclays boosted 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. Finally, Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th. One equities 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. According to data from MarketBeat.com, SouthState presently has a consensus rating of "Buy" and a consensus target price of $116.45.

SouthState Stock Performance

SSB stock traded up $0.12 during midday trading on Friday, hitting $97.71. 538,885 shares of the stock traded hands, compared to its average volume of 749,389. The firm has a market cap of $9.92 billion, a P/E ratio of 14.04 and a beta of 0.77. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91. The stock's fifty day simple moving average is $91.11 and its 200-day simple moving average is $93.27. SouthState Co. has a 1-year low of $77.74 and a 1-year high of $114.27.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.21%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's dividend payout ratio (DPR) is presently 34.12%.

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.