Verdence Capital Advisors LLC Makes New Investment in SouthState Co. (NASDAQ:SSB)

Verdence Capital Advisors LLC acquired a new position in shares of SouthState Co. (NASDAQ:SSB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 4,180 shares of the bank's stock, valued at approximately $388,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Summit Securities Group LLC bought a new stake in shares of SouthState in the 4th quarter valued at $38,000. Aquatic Capital Management LLC bought a new stake in SouthState in the fourth quarter valued at $45,000. Quadrant Capital Group LLC raised its holdings in shares of SouthState by 24.2% during the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after purchasing an additional 99 shares during the period. Versant Capital Management Inc boosted its position in shares of SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after purchasing an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its stake in shares of SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock valued at $54,000 after buying an additional 378 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SSB has been the topic of a number of analyst reports. Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Jefferies Financial Group started coverage on SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective for the company. Raymond James Financial set a $110.00 target price on SouthState in a research report on Monday, April 28th. Barclays increased their price target on SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a research report on Tuesday, July 8th. Finally, Keefe, Bruyette & Woods cut their price objective on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a report on Tuesday, May 6th. One research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $116.45.

SouthState Trading Down 1.1%

Shares of SSB stock traded down $1.05 on Wednesday, hitting $97.30. 1,108,665 shares of the company's stock traded hands, compared to its average volume of 753,541. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91. The stock has a market capitalization of $9.87 billion, a price-to-earnings ratio of 13.98 and a beta of 0.77. The company's fifty day simple moving average is $91.46 and its 200 day simple moving average is $93.33. SouthState Co. has a one year low of $77.74 and a one year high of $114.27.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.22%. SouthState's dividend payout ratio is presently 34.12%.

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.