SouthState Co. (NASDAQ:SSB) Shares Sold by HBK Sorce Advisory LLC

HBK Sorce Advisory LLC lessened its position in SouthState Co. (NASDAQ:SSB) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,487 shares of the bank’s stock after selling 162 shares during the quarter. HBK Sorce Advisory LLC’s holdings in SouthState were worth $1,530,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Summit Securities Group LLC acquired a new stake in SouthState in the 4th quarter valued at about $38,000. Aquatic Capital Management LLC acquired a new stake in shares of SouthState in the fourth quarter valued at approximately $45,000. Quadrant Capital Group LLC increased its holdings in shares of SouthState by 24.2% in the fourth quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock valued at $51,000 after purchasing an additional 99 shares during the last quarter. Versant Capital Management Inc lifted its position in SouthState by 577.4% during the first 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 boosted its stake in SouthState by 181.7% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 586 shares of the bank’s stock worth $54,000 after buying an additional 378 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Stock Performance

Shares of SSB stock opened at $88.86 on Thursday. The firm has a 50 day moving average of $88.28 and a two-hundred day moving average of $94.26. The stock has a market capitalization of $9.02 billion, a PE ratio of 12.77 and a beta of 0.77. 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 52 week low of $72.74 and a 52 week high of $114.27.

SouthState Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were issued 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 yield of 2.43%. SouthState’s dividend payout ratio (DPR) is presently 34.12%.

Analysts Set New Price Targets

A number of analysts have issued reports on SSB shares. DA Davidson cut their target price on SouthState from $125.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, April 28th. Keefe, Bruyette & Woods reduced their target price 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. Stephens reiterated an “overweight” rating and issued a $119.00 target price on shares of SouthState in a report on Monday, April 28th. Raymond James Financial set a $110.00 price target on shares of SouthState in a report on Monday, April 28th. Finally, Barclays decreased their price objective on SouthState from $120.00 to $115.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. One equities research 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. According to MarketBeat.com, SouthState currently has a consensus rating of “Buy” and a consensus price target 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.