SouthState Co. (NASDAQ:SSB) Position Increased by Xponance Inc.

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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SSB. Cambridge Investment Research Advisors Inc. boosted its position in SouthState by 153.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank's stock worth $949,000 after acquiring an additional 6,196 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of SouthState by 5.7% in the 4th quarter. The Manufacturers Life Insurance Company now owns 773,843 shares of the bank's stock valued at $76,982,000 after acquiring an additional 42,041 shares during the period. GAMMA Investing LLC raised its stake in shares of SouthState by 68.1% in the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the bank's stock valued at $109,000 after acquiring an additional 475 shares during the period. Allspring Global Investments Holdings LLC increased its stake in SouthState by 5.0% during the 1st 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 during the period. Finally, State of Alaska Department of Revenue increased its stake in SouthState by 32.1% during the 1st quarter. State of Alaska Department of Revenue now owns 11,492 shares of the bank's stock worth $1,066,000 after buying an additional 2,790 shares during the period. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SSB shares. Stephens restated an "overweight" rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Keefe, Bruyette & Woods decreased their price target on shares of SouthState from $130.00 to $120.00 and set an "outperform" rating for the company in a research note on Tuesday, May 6th. Barclays increased their price target on shares of SouthState from $115.00 to $117.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. Truist Financial initiated 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, Raymond James Financial set a $110.00 target price on shares of SouthState in a research note on Monday, April 28th. 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $116.45.

SouthState Trading Up 0.1%

Shares of SSB traded up $0.12 during mid-day trading on Friday, hitting $97.71. The company had a trading volume of 538,885 shares, compared to its average volume of 748,926. The business's 50-day simple moving average is $91.11 and its 200-day simple moving average is $93.34. 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 1-year low of $77.74 and a 1-year high of $114.27. The stock has a market cap of $9.92 billion, a PE ratio of 14.04 and a beta of 0.77.

SouthState Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were given 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 yield of 2.21%. 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.