Stephens Inc. AR Increases Stock Position in SouthState Co. (NASDAQ:SSB)

Stephens Inc. AR increased its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 126.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,654 shares of the bank's stock after buying an additional 2,602 shares during the quarter. Stephens Inc. AR's holdings in SouthState were worth $432,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raymond James Financial Inc. acquired a new stake in shares of SouthState during the 4th quarter valued at approximately $5,682,000. HighTower Advisors LLC lifted its position in shares of SouthState by 33.4% during the 4th quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock valued at $1,480,000 after acquiring an additional 3,724 shares during the period. Commonwealth Equity Services LLC lifted its position in shares of SouthState by 1.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank's stock valued at $949,000 after acquiring an additional 112 shares during the period. Natixis Advisors LLC lifted its position in shares of SouthState by 74.4% during the 4th quarter. Natixis Advisors LLC now owns 36,501 shares of the bank's stock valued at $3,631,000 after acquiring an additional 15,573 shares during the period. Finally, Cibc World Markets Corp acquired a new stake in shares of SouthState during the 4th quarter valued at approximately $708,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Raymond James Financial set a $110.00 price target on shares of SouthState in a research report on Monday, April 28th. Stephens reiterated an "overweight" rating and set a $119.00 price target on shares of SouthState in a research report on Monday, April 28th. DA Davidson cut their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 28th. Keefe, Bruyette & Woods cut their price objective on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research report on Tuesday, May 6th. Finally, Barclays lifted their price objective on SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. One investment 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 stock. According to MarketBeat.com, SouthState has an average rating of "Buy" and an average target price of $116.45.

SouthState Trading Down 1.1%

SSB stock traded down $1.05 during midday trading on Wednesday, hitting $97.30. The stock had a trading volume of 1,108,665 shares, compared to its average volume of 753,541. The firm has a market cap of $9.87 billion, a PE ratio of 13.98 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. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.27. The company's 50-day moving average price is $91.46 and its 200 day moving average price is $93.33.

SouthState Dividend Announcement

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 $0.54 dividend. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.22%. SouthState's payout ratio is currently 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.