SouthState Co. (NASDAQ:SSB) Holdings Raised by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC increased its holdings in shares of SouthState Co. (NASDAQ:SSB - Free Report) by 1.9% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,144,513 shares of the bank's stock after purchasing an additional 21,160 shares during the period. Allspring Global Investments Holdings LLC owned 1.50% of SouthState worth $87,464,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC boosted its stake in SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank's stock valued at $27,000 after acquiring an additional 272 shares in the last quarter. Fidelis Capital Partners LLC acquired a new stake in SouthState in the first quarter valued at approximately $30,000. TFO Wealth Partners LLC boosted its stake in SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank's stock valued at $34,000 after acquiring an additional 402 shares in the last quarter. GAMMA Investing LLC boosted its stake in SouthState by 120.7% in the second quarter. GAMMA Investing LLC now owns 609 shares of the bank's stock valued at $47,000 after acquiring an additional 333 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in SouthState by 8,346.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,267 shares of the bank's stock valued at $107,000 after acquiring an additional 1,252 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Stock Performance

Shares of SouthState stock traded down $0.58 during trading on Tuesday, hitting $95.17. 368,616 shares of the company's stock were exchanged, compared to its average volume of 482,515. The company has a debt-to-equity ratio of 0.12, a quick ratio of 0.90 and a current ratio of 0.91. The business has a 50-day simple moving average of $86.19 and a 200-day simple moving average of $82.00. SouthState Co. has a 52-week low of $63.36 and a 52-week high of $101.32. The stock has a market capitalization of $7.25 billion, a price-to-earnings ratio of 15.53 and a beta of 0.68.

SouthState (NASDAQ:SSB - Get Free Report) last issued its earnings results on Wednesday, July 24th. The bank reported $1.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.25. SouthState had a net margin of 20.84% and a return on equity of 9.31%. The firm had revenue of $425.48 million during the quarter, compared to analysts' expectations of $418.08 million. During the same quarter last year, the company posted $1.63 earnings per share. The firm's revenue was down 3.1% compared to the same quarter last year. On average, research analysts forecast that SouthState Co. will post 6.64 EPS for the current year.

SouthState Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, August 9th were issued a $0.54 dividend. This is a boost from SouthState's previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Friday, August 9th. This represents a $2.16 dividend on an annualized basis and a yield of 2.27%. SouthState's payout ratio is presently 35.24%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Stephens raised their target price on shares of SouthState from $88.00 to $101.00 and gave the company an "equal weight" rating in a research note on Monday, July 29th. Truist Financial raised their price target on shares of SouthState from $81.00 to $109.00 and gave the stock a "hold" rating in a report on Monday, July 29th. Raymond James raised shares of SouthState from a "market perform" rating to an "outperform" rating and set a $90.00 price target for the company in a report on Tuesday, May 21st. Keefe, Bruyette & Woods raised their price target on shares of SouthState from $95.00 to $110.00 and gave the stock an "outperform" rating in a report on Monday, July 29th. Finally, DA Davidson raised their price target on shares of SouthState from $102.00 to $112.00 and gave the stock a "buy" rating in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, SouthState has an average rating of "Hold" and an average target price of $102.75.

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.