Wedge Capital Management L L P NC lowered its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 21.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 48,046 shares of the bank's stock after selling 13,504 shares during the quarter. Wedge Capital Management L L P NC's holdings in SouthState were worth $4,460,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in SSB. UMB Bank n.a. boosted its stake in SouthState by 1,747.5% during the first quarter. UMB Bank n.a. now owns 10,586 shares of the bank's stock valued at $983,000 after buying an additional 10,013 shares during the last quarter. Vest Financial LLC bought a new stake in SouthState in the first quarter worth $3,199,000. NBC Securities Inc. raised its stake in SouthState by 100,280.2% during the first quarter. NBC Securities Inc. now owns 96,365 shares of the bank's stock valued at $8,944,000 after purchasing an additional 96,269 shares in the last quarter. American National Bank & Trust purchased a new position in shares of SouthState in the 1st quarter worth $139,000. Finally, Rhumbline Advisers increased its holdings in shares of SouthState by 24.8% in the 1st quarter. Rhumbline Advisers now owns 322,051 shares of the bank's stock worth $29,893,000 after buying an additional 63,983 shares during the last quarter. Institutional investors own 89.76% of the company's stock.
SouthState Trading Down 2.0%
Shares of SouthState stock traded down $1.85 on Wednesday, hitting $88.92. 656,551 shares of the company traded hands, compared to its average volume of 658,435. 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 company has a market cap of $9.03 billion, a PE ratio of 12.78 and a beta of 0.77. The stock's 50 day moving average price is $87.36 and its 200-day moving average price is $95.95. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27.
SouthState Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.43%. The ex-dividend date was Friday, May 9th. SouthState's dividend payout ratio is 34.12%.
Wall Street Analysts Forecast Growth
SSB has been the subject of several analyst reports. Raymond James set a $110.00 price objective on SouthState in a research note on Monday, April 28th. Barclays cut their price objective on shares of SouthState from $120.00 to $115.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. Keefe, Bruyette & Woods reduced their target price on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 6th. Truist Financial assumed coverage on shares of SouthState in a research note on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target for the company. Finally, Jefferies Financial Group started coverage on shares of SouthState in a research note on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective for the company. One analyst has rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, SouthState has a consensus rating of "Buy" and a consensus target price of $116.27.
Read Our Latest Report on SSB
About SouthState
(
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
Nuclear energy stocks are roaring. It's the hottest energy sector of the year. Cameco Corp, Paladin Energy, and BWX Technologies were all up more than 40% in 2024. The biggest market moves could still be ahead of us, and there are seven nuclear energy stocks that could rise much higher in the next several months. To unlock these tickers, enter your email address below.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
