Verdence Capital Advisors LLC Acquires Shares of 4,180 SouthState Co. (NASDAQ:SSB)

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

A number of other hedge funds and other institutional investors have also made changes to their positions in SSB. Summit Securities Group LLC purchased a new stake in SouthState during the fourth quarter valued at about $38,000. Aquatic Capital Management LLC purchased a new stake in SouthState during the fourth quarter valued at about $45,000. Quadrant Capital Group LLC grew its position in 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 acquiring an additional 99 shares during the period. Versant Capital Management Inc grew its position in SouthState by 577.4% during the first quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock valued at $53,000 after acquiring an additional 485 shares during the period. Finally, MassMutual Private Wealth & Trust FSB boosted its position in shares of SouthState by 181.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after buying an additional 378 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SSB shares. Raymond James Financial set a $110.00 target price on SouthState in a research report on Monday, April 28th. Jefferies Financial Group started coverage on SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price for the company. Barclays upped their target price on SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 8th. Stephens reaffirmed an "overweight" rating and issued a $119.00 target price on shares of SouthState in a research report on Monday, April 28th. Finally, Truist Financial began coverage on SouthState in a research report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 target price for the company. One investment 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's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $116.45.

SouthState Stock Up 0.1%

Shares of NASDAQ:SSB traded up $0.12 during trading on Friday, hitting $97.71. The company's stock had a trading volume of 538,885 shares, compared to its average volume of 749,389. The stock's 50-day moving average price is $91.11 and its two-hundred day moving average price is $93.30. SouthState Co. has a fifty-two week low of $77.74 and a fifty-two week high of $114.27. The company has a market capitalization of $9.92 billion, a PE ratio of 14.04 and a beta of 0.77. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.91 and a current ratio of 0.91.

SouthState Dividend Announcement

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

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.