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

Stephens Inc. AR raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 126.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,654 shares of the bank's stock after purchasing 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.

A number of other large investors also recently modified their holdings of SSB. Westwood Holdings Group Inc. lifted its holdings in shares of SouthState by 2,221.8% in the fourth quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock valued at $72,356,000 after purchasing an additional 696,014 shares in the last quarter. Norges Bank acquired a new stake in shares of SouthState in the fourth quarter valued at about $67,260,000. Capital Research Global Investors acquired a new stake in shares of SouthState in the fourth quarter valued at about $60,311,000. JPMorgan Chase & Co. increased its position in shares of SouthState by 51.4% in the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock valued at $61,569,000 after acquiring an additional 210,019 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of SouthState by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 964,089 shares of the bank's stock valued at $89,487,000 after acquiring an additional 121,591 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Stock Up 0.1%

SSB stock opened at $97.71 on Friday. The firm's fifty day simple moving average is $91.11 and its 200-day simple moving average is $93.30. The company has a market capitalization of $9.92 billion, a P/E ratio of 14.04 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.

SouthState Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were issued a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date was Friday, May 9th. SouthState's payout ratio is 34.12%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on SSB shares. DA Davidson dropped their price target on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods decreased their price target on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Raymond James Financial set a $110.00 price objective on shares of SouthState in a research report on Monday, April 28th. Barclays increased their price objective 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. Finally, Stephens reissued an "overweight" rating and set a $119.00 price objective on shares of SouthState in a research report on Monday, April 28th. One equities research 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. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus 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.

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.