Trail Ridge Investment Advisors LLC Takes $256,000 Position in SouthState Co. (NASDAQ:SSB)

Trail Ridge Investment Advisors LLC purchased a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 2,762 shares of the bank's stock, valued at approximately $256,000.

A number of other large investors have also bought and sold shares of the business. Raymond James Financial Inc. bought a new position in SouthState in the 4th quarter valued at $5,682,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of SouthState by 22.4% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 19,853 shares of the bank's stock valued at $1,975,000 after purchasing an additional 3,638 shares during the period. HighTower Advisors LLC lifted its stake in shares of SouthState by 33.4% in the 4th quarter. HighTower Advisors LLC now owns 14,877 shares of the bank's stock valued at $1,480,000 after purchasing an additional 3,724 shares during the period. Swiss National Bank raised its stake in SouthState by 0.7% during the 4th quarter. Swiss National Bank now owns 149,937 shares of the bank's stock worth $14,916,000 after buying an additional 1,100 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ acquired a new stake in SouthState during the 4th quarter worth $699,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Performance

SSB stock traded up $1.75 during mid-day trading on Thursday, hitting $97.68. 641,466 shares of the company were exchanged, compared to its average volume of 749,829. The business has a 50 day simple moving average of $90.93 and a 200-day simple moving average of $93.35. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $9.91 billion, a PE ratio of 14.03 and a beta of 0.77. SouthState Co. has a 1-year low of $77.74 and a 1-year high of $114.27.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.21%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio (DPR) is currently 34.12%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. DA Davidson dropped their price objective on SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 28th. Stephens reiterated an "overweight" rating and set a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Keefe, Bruyette & Woods lowered their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a report on Tuesday, May 6th. Truist Financial began coverage on SouthState in a report on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price for the company. Finally, Jefferies Financial Group began coverage on SouthState in a report on Wednesday, May 21st. They set a "buy" rating and a $110.00 target price for the company. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, SouthState presently has an average rating of "Buy" and an average target price of $116.45.

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.