SouthState Co. (NASDAQ:SSB) Position Boosted by Fifth Third Bancorp

Fifth Third Bancorp increased its holdings in SouthState Co. (NASDAQ:SSB) by 102.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 956 shares of the bank’s stock after buying an additional 483 shares during the quarter. Fifth Third Bancorp’s holdings in SouthState were worth $89,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in SSB. Summit Securities Group LLC acquired a new position in SouthState during the 4th quarter valued at about $38,000. Aquatic Capital Management LLC bought a new position in SouthState during the 4th quarter valued at $45,000. Quadrant Capital Group LLC raised its stake in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after buying an additional 99 shares in the last quarter. Versant Capital Management Inc raised its stake in shares of SouthState by 577.4% in the 1st quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock worth $53,000 after buying an additional 485 shares in the last quarter. Finally, MassMutual Private Wealth & Trust FSB raised its stake in shares of SouthState by 181.7% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock worth $54,000 after buying an additional 378 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Trading Down 0.1%

NASDAQ:SSB opened at $85.99 on Friday. 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 $72.10 and a 1-year high of $114.27. The firm has a market capitalization of $8.73 billion, a price-to-earnings ratio of 12.36 and a beta of 0.77. The stock has a fifty day simple moving average of $87.96 and a 200 day simple moving average of $94.71.

SouthState Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were given a $0.54 dividend. 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 2.51%. SouthState’s dividend payout ratio (DPR) is 34.12%.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of research reports. Jefferies Financial Group initiated coverage on SouthState in a research note 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 research note on Monday, April 28th. Truist Financial started coverage on SouthState in a research note on Tuesday, May 13th. They issued a “buy” rating and a $106.00 price objective on the stock. Barclays cut their target price on shares of SouthState from $120.00 to $115.00 and set an “overweight” rating for the company in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods cut their target price 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. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, SouthState presently has a consensus rating of “Buy” and a consensus target price of $116.27.

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.