Teachers Retirement System of The State of Kentucky Raises Holdings in SouthState Co. (NASDAQ:SSB)

Teachers Retirement System of The State of Kentucky increased its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 24.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 61,168 shares of the bank's stock after acquiring 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Geode Capital Management LLC grew its holdings in SouthState by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after acquiring an additional 93,312 shares during the period. Northern Trust Corp grew its holdings in SouthState by 9.4% during the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock worth $110,598,000 after acquiring an additional 95,841 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in SouthState by 5.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock worth $100,856,000 after acquiring an additional 51,933 shares during the period. Bank of New York Mellon Corp grew its holdings in SouthState by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 964,089 shares of the bank's stock worth $89,487,000 after acquiring an additional 121,591 shares during the period. Finally, The Manufacturers Life Insurance Company grew its holdings in SouthState by 5.7% during the fourth 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 period. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Trading Up 1.5%

Shares of SouthState stock traded up $1.42 during trading hours on Tuesday, hitting $98.41. The company's stock had a trading volume of 1,368,988 shares, compared to its average volume of 752,179. SouthState Co. has a twelve month low of $77.74 and a twelve month high of $114.27. The firm has a fifty day moving average of $91.11 and a 200-day moving average of $93.27. The stock has a market cap of $9.99 billion, a price-to-earnings ratio of 14.14 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were issued a $0.54 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.19%. SouthState's dividend payout ratio is presently 34.12%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Jefferies Financial Group assumed coverage on SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective on the stock. DA Davidson dropped their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Stephens reissued an "overweight" rating and issued a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Barclays raised their price objective on SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods lowered their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. One investment analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $116.45.

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.