Wedge Capital Management L L P NC Decreases Position in SouthState Co. (NASDAQ:SSB)

Wedge Capital Management L L P NC lessened its stake in SouthState Co. (NASDAQ:SSB) by 21.9% during the first quarter, HoldingsChannel reports. The firm owned 48,046 shares of the bank’s stock after selling 13,504 shares during the period. Wedge Capital Management L L P NC’s holdings in SouthState were worth $4,460,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of SSB. Summit Securities Group LLC bought a new position in shares of SouthState during the 4th quarter worth $38,000. Aquatic Capital Management LLC bought a new position in SouthState during the fourth quarter worth about $45,000. Quadrant Capital Group LLC increased its stake in shares of SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after purchasing an additional 99 shares in the last quarter. Versant Capital Management Inc raised its position in shares of SouthState by 577.4% in the first quarter. Versant Capital Management Inc now owns 569 shares of the bank’s stock valued at $53,000 after purchasing an additional 485 shares during the period. Finally, MassMutual Private Wealth & Trust FSB raised its position in shares of SouthState by 181.7% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock valued at $54,000 after purchasing an additional 378 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on SSB shares. Truist Financial initiated coverage on SouthState in a report on Tuesday, May 13th. They set a “buy” rating and a $106.00 price objective on the stock. Raymond James set a $110.00 price target on SouthState in a research report on Monday, April 28th. Barclays reduced their price objective 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. Jefferies Financial Group assumed coverage on shares of SouthState in a research note on Wednesday, May 21st. They issued a “buy” rating and a $110.00 target price on the stock. Finally, DA Davidson reduced their price target on shares of SouthState from $125.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 28th. 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $116.27.

SouthState Trading Up 0.9%

Shares of SSB stock opened at $90.51 on Tuesday. The company has a 50-day moving average of $87.24 and a two-hundred day moving average of $95.99. The firm has a market cap of $9.19 billion, a PE ratio of 13.00 and a beta of 0.77. SouthState Co. has a 1-year low of $70.68 and a 1-year high of $114.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.91 and a quick ratio of 0.91.

SouthState Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were paid a dividend of $0.54 per share. This represents a $2.16 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date was Friday, May 9th. SouthState’s dividend payout ratio (DPR) is 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.