State of Michigan Retirement System Has $2.18 Million Stock Position in SouthState Co. (NASDAQ:SSB)

State of Michigan Retirement System lifted its position in SouthState Co. (NASDAQ:SSB - Free Report) by 29.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,500 shares of the bank's stock after buying an additional 5,400 shares during the quarter. State of Michigan Retirement System's holdings in SouthState were worth $2,181,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Summit Securities Group LLC acquired a new stake in shares of SouthState in the fourth quarter worth $38,000. Aquatic Capital Management LLC acquired a new stake in shares of SouthState in the fourth quarter worth $45,000. Quadrant Capital Group LLC lifted its stake in shares of SouthState by 24.2% in 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 during the last quarter. Versant Capital Management Inc increased its position in 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 acquiring an additional 485 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its position in 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 acquiring an additional 378 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Trading Down 0.7%

Shares of SouthState stock opened at $97.01 on Monday. The firm has a market capitalization of $9.85 billion, a PE ratio of 13.94 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 company's fifty day moving average price is $90.29 and its two-hundred day moving average price is $93.36. SouthState Co. has a 52-week low of $77.74 and a 52-week high of $114.27.

SouthState Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend was Friday, May 9th. SouthState's payout ratio is 34.12%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on SSB shares. Raymond James Financial set a $110.00 target price on shares of SouthState in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 6th. Barclays boosted their target price on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. DA Davidson dropped their target price on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 28th. Finally, Truist Financial started coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price on the stock. One analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $116.45.

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.

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