SouthState Co. (NASDAQ:SSB) Shares Sold by Trust Point Inc.

Trust Point Inc. lowered its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 34.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,738 shares of the bank's stock after selling 4,599 shares during the period. Trust Point Inc.'s holdings in SouthState were worth $811,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Summit Securities Group LLC acquired a new position in SouthState during the fourth quarter worth about $38,000. Aquatic Capital Management LLC purchased a new stake in shares of SouthState during the fourth quarter worth about $45,000. Quadrant Capital Group LLC grew its holdings in shares of SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock worth $51,000 after buying an additional 99 shares in the last quarter. Versant Capital Management Inc grew its holdings in shares of SouthState by 577.4% during the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after buying an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in shares of SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after buying an additional 378 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on SSB. DA Davidson lowered their price target 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. 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 target for the company. Barclays lowered their price target on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Keefe, Bruyette & Woods lowered their price target 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. 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 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 an average rating of "Buy" and an average price target of $116.27.

SouthState Price Performance

SouthState stock opened at $85.08 on Monday. SouthState Co. has a 1 year low of $70.68 and a 1 year high of $114.27. The firm has a 50 day moving average price of $87.73 and a 200 day moving average price of $95.34. The company has a market cap of $8.63 billion, a price-to-earnings ratio of 12.22 and a beta of 0.77. 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 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 given 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 yield of 2.54%. SouthState's dividend payout ratio (DPR) is 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.

Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Co. (NASDAQ:SSB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.