Xponance Inc. Purchases 3,300 Shares of SouthState Co. (NASDAQ:SSB)

Xponance Inc. boosted its position in SouthState Co. (NASDAQ:SSB) by 30.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 14,070 shares of the bank’s stock after purchasing an additional 3,300 shares during the period. Xponance Inc.’s holdings in SouthState were worth $1,306,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. bought a new stake in shares of SouthState during the fourth quarter valued at approximately $5,682,000. HighTower Advisors LLC raised its stake in shares of SouthState by 33.4% during the fourth quarter. HighTower Advisors LLC now owns 14,877 shares of the bank’s stock valued at $1,480,000 after acquiring an additional 3,724 shares in the last quarter. Swiss National Bank raised its stake in shares of SouthState by 0.7% during the fourth quarter. Swiss National Bank now owns 149,937 shares of the bank’s stock valued at $14,916,000 after acquiring an additional 1,100 shares in the last quarter. Skandinaviska Enskilda Banken AB publ bought a new stake in shares of SouthState during the fourth quarter valued at approximately $699,000. Finally, Commonwealth Equity Services LLC raised its stake in shares of SouthState by 1.2% during the fourth 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 in the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of NASDAQ:SSB opened at $94.45 on Wednesday. The firm has a 50 day moving average of $90.60 and a 200 day moving average of $93.35. 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 $77.74 and a 52 week high of $114.27. The company has a market capitalization of $9.59 billion, a price-to-earnings ratio of 13.57 and a beta of 0.77.

SouthState Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were issued a $0.54 dividend. This represents a $2.16 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Friday, May 9th. SouthState’s dividend payout ratio is currently 34.12%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Jefferies Financial Group assumed coverage on shares of SouthState in a research note on Wednesday, May 21st. They set a “buy” rating and a $110.00 price target for the company. Stephens reaffirmed an “overweight” rating and set a $119.00 price target on shares of SouthState in a research note on Monday, April 28th. Barclays boosted their price objective on shares of SouthState from $115.00 to $117.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 8th. Keefe, Bruyette & Woods reduced their price objective on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating for the company in a research note on Tuesday, May 6th. Finally, Truist Financial began coverage on shares of SouthState in a research note on Tuesday, May 13th. They issued a “buy” rating and a $106.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently 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.