Allspring Global Investments Holdings LLC Raises Stake in SouthState Co. (NASDAQ:SSB)

Allspring Global Investments Holdings LLC raised its position in shares of SouthState Co. (NASDAQ:SSB) by 0.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,123,353 shares of the bank’s stock after purchasing an additional 6,070 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.47% of SouthState worth $95,519,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC lifted its holdings in shares of SouthState by 544.0% in the fourth quarter. Parallel Advisors LLC now owns 322 shares of the bank’s stock worth $27,000 after buying an additional 272 shares in the last quarter. TFO Wealth Partners LLC increased its position in SouthState by 13,400.0% in the fourth quarter. TFO Wealth Partners LLC now owns 405 shares of the bank’s stock worth $34,000 after purchasing an additional 402 shares during the last quarter. International Assets Investment Management LLC increased its position 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 worth $107,000 after purchasing an additional 1,252 shares during the last quarter. Nisa Investment Advisors LLC increased its position in SouthState by 10.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 2,250 shares of the bank’s stock worth $190,000 after purchasing an additional 205 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in SouthState in the fourth quarter worth $200,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Trading Up 1.8 %

SSB stock opened at $77.19 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.90 and a debt-to-equity ratio of 0.05. SouthState Co. has a twelve month low of $63.36 and a twelve month high of $87.77. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of 12.59 and a beta of 0.68. The firm’s fifty day simple moving average is $76.63 and its two-hundred day simple moving average is $80.27.

SouthState (NASDAQ:SSB) last posted its quarterly earnings data on Thursday, April 25th. The bank reported $1.58 earnings per share for the quarter, beating analysts’ consensus estimates of $1.55 by $0.03. The business had revenue of $415.49 million for the quarter, compared to analysts’ expectations of $414.32 million. SouthState had a net margin of 20.91% and a return on equity of 9.24%. The business’s revenue was down 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 earnings per share. As a group, analysts anticipate that SouthState Co. will post 6.33 earnings per share for the current year.

SouthState Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 10th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Thursday, May 9th. SouthState’s payout ratio is presently 33.93%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on SSB shares. Keefe, Bruyette & Woods boosted their price target on shares of SouthState from $92.00 to $95.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 28th. Raymond James upgraded shares of SouthState from a “market perform” rating to an “outperform” rating and set a $90.00 price target on the stock in a research report on Tuesday, May 21st. Truist Financial reduced their price target on shares of SouthState from $89.00 to $84.00 and set a “hold” rating on the stock in a research report on Monday, April 29th. Finally, Piper Sandler boosted their price target on shares of SouthState from $95.00 to $98.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 29th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, SouthState has an average rating of “Hold” and a consensus price target of $91.00.

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.