Victory Capital Management Inc. Decreases Stake in SouthState Co. (NASDAQ:SSB)

Victory Capital Management Inc. lowered its position in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 7.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,980,245 shares of the bank's stock after selling 169,694 shares during the quarter. Victory Capital Management Inc. owned 1.95% of SouthState worth $183,806,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. 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 worth $72,356,000 after buying an additional 696,014 shares in the last quarter. Norges Bank purchased a new position in shares of SouthState in the fourth quarter worth $67,260,000. Capital Research Global Investors bought a new stake in SouthState in the fourth quarter worth $60,311,000. JPMorgan Chase & Co. increased its position in SouthState by 51.4% in the fourth quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock worth $61,569,000 after purchasing an additional 210,019 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in SouthState by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 964,089 shares of the bank's stock worth $89,487,000 after purchasing an additional 121,591 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Stock Up 1.8%

Shares of SSB stock traded up $1.75 during mid-day trading on Thursday, hitting $97.68. 641,466 shares of the stock traded hands, compared to its average volume of 749,829. The stock has a market cap of $9.91 billion, a P/E ratio of 14.03 and a beta of 0.77. The stock's fifty day moving average is $90.93 and its two-hundred day moving average is $93.35. SouthState Co. has a 52-week low of $77.74 and a 52-week high of $114.27. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given 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 payout ratio is currently 34.12%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price target on the stock. 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 research report on Tuesday, May 6th. DA Davidson cut their price target on shares of SouthState from $125.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 28th. Barclays upped their price target on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Finally, Raymond James Financial set a $110.00 price target on shares of SouthState in a report on Monday, April 28th. One research 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 company. According to data from MarketBeat.com, SouthState has a consensus rating of "Buy" and an average price target 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.