Victory Capital Management Inc. decreased its position in SouthState Co. (NASDAQ:SSB - Free Report) by 7.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,980,245 shares of the bank's stock after selling 169,694 shares during the period. Victory Capital Management Inc. owned 1.95% of SouthState worth $183,806,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in SSB. Geode Capital Management LLC raised its position in shares of SouthState by 5.1% during the fourth quarter. Geode Capital Management LLC now owns 1,913,615 shares of the bank's stock worth $192,531,000 after purchasing an additional 93,312 shares during the period. Northern Trust Corp grew its holdings in shares of SouthState by 9.4% during the fourth quarter. Northern Trust Corp now owns 1,111,758 shares of the bank's stock worth $110,598,000 after buying an additional 95,841 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of SouthState by 5.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank's stock worth $100,856,000 after buying an additional 51,933 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of SouthState by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 964,089 shares of the bank's stock worth $89,487,000 after buying an additional 121,591 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of SouthState by 5.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock worth $76,982,000 after buying an additional 42,041 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.
SouthState Price Performance
Shares of SSB stock traded up $0.12 on Friday, reaching $97.71. The company's stock had a trading volume of 538,885 shares, compared to its average volume of 749,389. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.27. The company has a market capitalization of $9.92 billion, a P/E ratio of 14.04 and a beta of 0.77. The stock's 50 day simple moving average is $91.11 and its 200-day simple moving average is $93.27.
SouthState Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 dividend on an annualized basis and a dividend yield of 2.21%. SouthState's dividend payout ratio (DPR) is currently 34.12%.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on SSB. Stephens reiterated an "overweight" rating and set a $119.00 price objective on shares of SouthState in a report on Monday, April 28th. Truist Financial began coverage on SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 target price for the company. Keefe, Bruyette & Woods reduced their target price on SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Raymond James Financial set a $110.00 target price on SouthState in a research note on Monday, April 28th. Finally, DA Davidson reduced their target price on SouthState from $125.00 to $115.00 and set a "buy" rating for the company in a research note 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 given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $116.45.
View Our Latest Report on SSB
SouthState Profile
(
Free Report)
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.
Read More
Before you consider SouthState, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and SouthState wasn't on the list.
While SouthState currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
With the proliferation of data centers and electric vehicles, the electric grid will only get more strained. Download this report to learn how energy stocks can play a role in your portfolio as the global demand for energy continues to grow.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
