Red Spruce Capital LLC Acquires 927 Shares of SouthState Co. (NASDAQ:SSB)

Red Spruce Capital LLC grew its stake in shares of SouthState Co. (NASDAQ:SSB) by 2.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 33,944 shares of the bank’s stock after purchasing an additional 927 shares during the period. SouthState comprises approximately 1.5% of Red Spruce Capital LLC’s portfolio, making the stock its 24th biggest position. Red Spruce Capital LLC’s holdings in SouthState were worth $3,151,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Summit Securities Group LLC bought a new position in shares of SouthState in the fourth quarter valued at approximately $38,000. Aquatic Capital Management LLC purchased a new stake in SouthState in the 4th quarter valued at $45,000. Quadrant Capital Group LLC lifted its stake in 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 acquiring an additional 99 shares in the last quarter. Versant Capital Management Inc boosted its holdings in 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 boosted its holdings in SouthState by 181.7% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock worth $54,000 after acquiring an additional 378 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Stephens reiterated an “overweight” rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 6th. DA Davidson reduced their target price on SouthState from $125.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 28th. Truist Financial started coverage on SouthState in a research report on Tuesday, May 13th. They issued a “buy” rating and a $106.00 price objective on the stock. Finally, Jefferies Financial Group assumed coverage on shares of SouthState in a report on Wednesday, May 21st. They issued a “buy” rating and a $110.00 price target on the stock. 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. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $116.27.

SouthState Price Performance

SouthState stock opened at $88.83 on Friday. The stock has a market cap of $9.02 billion, a price-to-earnings ratio of 12.76 and a beta of 0.75. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.07. The business has a 50-day simple moving average of $87.95 and a 200 day simple moving average of $97.01. SouthState Co. has a 52 week low of $70.68 and a 52 week high of $114.27.

SouthState Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 16th. Stockholders 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 dividend yield of 2.43%. SouthState’s dividend payout ratio (DPR) is presently 34.12%.

Insider Transactions at SouthState

In other news, CAO Sara Arana sold 1,991 shares of SouthState stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $100.78, for a total transaction of $200,652.98. Following the completion of the sale, the chief accounting officer now directly owns 4,787 shares of the company’s stock, valued at approximately $482,433.86. The trade was a 29.37% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director G Stacy Smith bought 3,100 shares of SouthState stock in a transaction that occurred on Thursday, March 6th. The stock was purchased at an average cost of $93.60 per share, for a total transaction of $290,160.00. Following the purchase, the director now owns 36,779 shares of the company’s stock, valued at $3,442,514.40. The trade was a 9.20% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.70% of the stock is owned by insiders.

SouthState 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.