Teachers Retirement System of The State of Kentucky Has $5.68 Million Position in SouthState Co. (NASDAQ:SSB)

Teachers Retirement System of The State of Kentucky grew its holdings in SouthState Co. (NASDAQ:SSB - Free Report) by 24.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 61,168 shares of the bank's stock after purchasing an additional 11,832 shares during the period. Teachers Retirement System of The State of Kentucky owned about 0.06% of SouthState worth $5,677,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its position in SouthState by 153.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank's stock worth $949,000 after buying an additional 6,196 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings 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 acquiring an additional 42,041 shares during the last quarter. GAMMA Investing LLC increased its holdings 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 acquiring an additional 475 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of SouthState by 5.0% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock valued at $100,856,000 after purchasing an additional 51,933 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its holdings in shares of SouthState by 32.1% in the first quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock valued at $1,066,000 after purchasing an additional 2,790 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SSB has been the topic of a number of research reports. Barclays upped their price target on shares of SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods decreased their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Jefferies Financial Group began coverage on SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price on the stock. Stephens reaffirmed an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Finally, Truist Financial initiated coverage on shares of SouthState in a research note on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price target on the stock. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $115.82.

SouthState Price Performance

SouthState stock traded down $1.22 during trading hours on Friday, reaching $96.68. 507,997 shares of the stock were exchanged, compared to its average volume of 934,552. The company has a market cap of $9.81 billion, a P/E ratio of 13.89 and a beta of 0.77. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a twelve month low of $77.74 and a twelve month high of $114.26. The stock has a 50 day moving average of $91.60 and a two-hundred day moving average of $93.34.

SouthState (NASDAQ:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The bank reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.32. SouthState had a net margin of 22.38% and a return on equity of 9.62%. During the same quarter last year, the business posted $1.74 EPS. Equities analysts expect that SouthState Co. will post 8.12 EPS for the current fiscal year.

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.