SouthState Co. (NASDAQ:SSB) Shares Acquired by Xponance Inc.

Xponance Inc. boosted its stake in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 30.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,070 shares of the bank's stock after buying an additional 3,300 shares during the period. Xponance Inc.'s holdings in SouthState were worth $1,306,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Westwood Holdings Group Inc. lifted its stake in shares of SouthState by 2,221.8% in the 4th quarter. Westwood Holdings Group Inc. now owns 727,341 shares of the bank's stock valued at $72,356,000 after purchasing an additional 696,014 shares during the last quarter. Norges Bank acquired a new position in shares of SouthState in the 4th quarter valued at $67,260,000. Capital Research Global Investors acquired a new position in shares of SouthState in the 4th quarter valued at $60,311,000. JPMorgan Chase & Co. lifted its stake in shares of SouthState by 51.4% in the 4th quarter. JPMorgan Chase & Co. now owns 618,913 shares of the bank's stock valued at $61,569,000 after purchasing an additional 210,019 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of SouthState by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 964,089 shares of the bank's stock valued at $89,487,000 after purchasing an additional 121,591 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Analysts Set New Price Targets

SSB has been the topic of several recent analyst reports. Stephens reaffirmed an "overweight" rating and issued a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Jefferies Financial Group started coverage on SouthState in a report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 price objective on the stock. Raymond James Financial set a $110.00 price objective on SouthState in a report on Monday, April 28th. Barclays boosted their price objective on SouthState from $115.00 to $117.00 and gave the company an "overweight" rating in a report on Tuesday, July 8th. Finally, Truist Financial started coverage on SouthState in a report on Tuesday, May 13th. They issued a "buy" rating and a $106.00 price objective on the stock. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $116.45.

SouthState Stock Up 1.5%

NASDAQ SSB traded up $1.45 during trading hours on Wednesday, hitting $95.89. 950,898 shares of the company were exchanged, compared to its average volume of 751,858. The company has a 50 day moving average of $90.60 and a two-hundred day moving average of $93.35. 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 52-week low of $77.74 and a 52-week high of $114.27. The firm has a market cap of $9.73 billion, a price-to-earnings ratio of 13.78 and a beta of 0.77.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were issued a dividend of $0.54 per share. The ex-dividend date was Friday, May 9th. This represents a $2.16 annualized dividend and a yield of 2.25%. SouthState's dividend payout ratio (DPR) is 34.12%.

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.