Louisiana State Employees Retirement System Has $2.55 Million Position in SouthState Co. (NASDAQ:SSB)

Louisiana State Employees Retirement System lifted its stake in shares of SouthState Co. (NASDAQ:SSB) by 29.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 27,500 shares of the bank’s stock after purchasing an additional 6,300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in SouthState were worth $2,553,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in SSB. Quadrant Capital Group LLC grew its holdings in shares of SouthState by 24.2% during 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 during the last quarter. Commonwealth Equity Services LLC increased its position in SouthState by 1.2% in the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock valued at $949,000 after acquiring an additional 112 shares during the period. Bragg Financial Advisors Inc increased its position in SouthState by 4.3% in the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock valued at $276,000 after acquiring an additional 115 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of SouthState by 5.2% during the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the bank’s stock valued at $220,000 after acquiring an additional 118 shares during the last quarter. Finally, Baird Financial Group Inc. lifted its holdings in shares of SouthState by 6.4% during the fourth quarter. Baird Financial Group Inc. now owns 2,547 shares of the bank’s stock worth $253,000 after purchasing an additional 153 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Up 1.6%

Shares of NASDAQ SSB opened at $98.72 on Tuesday. 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 firm has a market cap of $10.02 billion, a PE ratio of 14.18 and a beta of 0.77. The company’s fifty day simple moving average is $90.29 and its 200 day simple moving average is $93.36. SouthState Co. has a 12-month low of $77.74 and a 12-month high of $114.27.

SouthState Dividend Announcement

The business also recently disclosed 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 2.19%. SouthState’s dividend payout ratio (DPR) is presently 34.12%.

Analyst Ratings Changes

SSB has been the subject of a number of recent research reports. Barclays increased their price objective on SouthState from $115.00 to $117.00 and gave the company an “overweight” rating in a report on Tuesday, July 8th. Jefferies Financial Group initiated coverage on SouthState in a research note on Wednesday, May 21st. They issued a “buy” rating and a $110.00 price target for the company. Stephens reaffirmed an “overweight” rating and issued a $119.00 price objective on shares of SouthState in a research note on Monday, April 28th. Raymond James Financial set a $110.00 target price on shares of SouthState in a research report on Monday, April 28th. Finally, DA Davidson dropped their price target on shares of SouthState from $125.00 to $115.00 and set a “buy” rating on the stock in a research report on Monday, April 28th. One investment 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 stock. According to data from MarketBeat, SouthState currently has an average rating of “Buy” and an average target price of $116.45.

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.