KBC Group NV Has $404,000 Stake in SouthState Co. (NASDAQ:SSB)

KBC Group NV lifted its position in SouthState Co. (NASDAQ:SSB) by 40.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,348 shares of the bank’s stock after purchasing an additional 1,242 shares during the quarter. KBC Group NV’s holdings in SouthState were worth $404,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in SouthState by 5.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the bank’s stock worth $100,856,000 after acquiring an additional 51,933 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in SouthState by 158.1% in the first quarter. Sequoia Financial Advisors LLC now owns 8,306 shares of the bank’s stock valued at $771,000 after acquiring an additional 5,088 shares during the last quarter. Ferguson Shapiro LLC bought a new position in SouthState in the first quarter valued at about $1,207,000. Sheets Smith Wealth Management boosted its holdings in SouthState by 4.7% in the first quarter. Sheets Smith Wealth Management now owns 6,205 shares of the bank’s stock valued at $576,000 after acquiring an additional 276 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its holdings in SouthState by 153.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the bank’s stock worth $949,000 after buying an additional 6,196 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Stock Up 0.1%

NASDAQ:SSB opened at $96.87 on Friday. The firm has a market capitalization of $9.83 billion, a price-to-earnings ratio of 13.92 and a beta of 0.77. SouthState Co. has a twelve month low of $74.69 and a twelve month high of $114.27. The stock’s 50 day moving average price is $89.38 and its two-hundred day moving average price is $93.59. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were paid a dividend of $0.54 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $2.16 annualized dividend and a dividend yield of 2.23%. SouthState’s dividend payout ratio is currently 34.12%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SSB shares. DA Davidson reduced their target price on SouthState from $125.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Raymond James Financial set a $110.00 price objective on SouthState in a report on Monday, April 28th. Keefe, Bruyette & Woods cut their price objective on SouthState from $130.00 to $120.00 and set an “outperform” rating on the stock in a report on Tuesday, May 6th. Barclays cut 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. Finally, Truist Financial started coverage on SouthState in a research report on Tuesday, May 13th. They issued a “buy” rating and a $106.00 target price on the stock. One research analyst has rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price 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.