Yousif Capital Management LLC Raises Stock Position in SouthState Co. (NASDAQ:SSB)

Yousif Capital Management LLC raised its position in SouthState Co. (NASDAQ:SSB - Free Report) by 25.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 33,718 shares of the bank's stock after purchasing an additional 6,908 shares during the period. Yousif Capital Management LLC's holdings in SouthState were worth $3,130,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Summit Securities Group LLC purchased a new stake in SouthState in the fourth quarter valued at approximately $38,000. Aquatic Capital Management LLC bought a new position in shares of SouthState in the 4th quarter worth $45,000. Quadrant Capital Group LLC raised its position in shares of SouthState by 24.2% during the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank's stock valued at $51,000 after buying an additional 99 shares in the last quarter. Versant Capital Management Inc lifted its holdings in shares of SouthState by 577.4% during the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank's stock worth $53,000 after acquiring an additional 485 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its position in SouthState by 181.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank's stock worth $54,000 after acquiring an additional 378 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of research reports. Truist Financial began coverage on SouthState in a research report on Tuesday, May 13th. They set a "buy" rating and a $106.00 price target on the stock. Raymond James Financial set a $110.00 price objective on SouthState in a report on Monday, April 28th. Jefferies Financial Group initiated coverage on SouthState in a research report on Wednesday, May 21st. They issued a "buy" rating and a $110.00 target price for the company. Barclays reduced their price target 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. Finally, Keefe, Bruyette & Woods decreased their price target 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. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $116.27.

SouthState Trading Down 1.2%

SSB stock traded down $1.06 during midday trading on Tuesday, hitting $85.14. The company had a trading volume of 1,264,938 shares, compared to its average volume of 664,929. The stock has a market cap of $8.64 billion, a price-to-earnings ratio of 12.23 and a beta of 0.77. SouthState Co. has a 52 week low of $72.10 and a 52 week high of $114.27. 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 stock's 50 day moving average price is $87.80 and its 200 day moving average price is $95.10.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors 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 dividend on an annualized basis and a yield of 2.54%. SouthState's dividend payout ratio is currently 34.12%.

About SouthState

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.