Harbor Capital Advisors Inc. Cuts Stock Position in SouthState Co. (NASDAQ:SSB)

Harbor Capital Advisors Inc. lowered its position in SouthState Co. (NASDAQ:SSB) by 63.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 721 shares of the bank’s stock after selling 1,265 shares during the period. Harbor Capital Advisors Inc.’s holdings in SouthState were worth $67,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Quadrant Capital Group LLC grew its position in shares of SouthState by 24.2% in the 4th quarter. Quadrant Capital Group LLC now owns 508 shares of the bank’s stock worth $51,000 after buying an additional 99 shares during the last quarter. Commonwealth Equity Services LLC grew its position in SouthState by 1.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 9,537 shares of the bank’s stock worth $949,000 after purchasing an additional 112 shares during the last quarter. Bragg Financial Advisors Inc grew its position in SouthState by 4.3% during the 4th quarter. Bragg Financial Advisors Inc now owns 2,776 shares of the bank’s stock worth $276,000 after purchasing an additional 115 shares during the last quarter. CIBC Asset Management Inc grew its position in SouthState by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 2,324 shares of the bank’s stock worth $231,000 after purchasing an additional 126 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. grew its position in SouthState by 0.6% during the 4th quarter. Oppenheimer Asset Management Inc. now owns 22,635 shares of the bank’s stock worth $2,252,000 after purchasing an additional 141 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Stock Performance

Shares of NASDAQ SSB opened at $85.08 on Monday. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.07. SouthState Co. has a 12 month low of $70.68 and a 12 month high of $114.27. The company has a 50 day simple moving average of $87.73 and a two-hundred day simple moving average of $95.34. The stock has a market cap of $8.63 billion, a price-to-earnings ratio of 12.22 and a beta of 0.77.

SouthState Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a $0.54 dividend. This represents a $2.16 annualized dividend and a dividend yield of 2.54%. The ex-dividend date was Friday, May 9th. SouthState’s dividend payout ratio is currently 34.12%.

Analyst Ratings Changes

SSB has been the topic of several research analyst reports. DA Davidson dropped their target price 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. Truist Financial initiated coverage on shares of SouthState in a research report on Tuesday, May 13th. They set a “buy” rating and a $106.00 target price on the stock. Raymond James set a $110.00 target price on shares of SouthState in a research report on Monday, April 28th. Keefe, Bruyette & Woods dropped their target price on shares of SouthState from $130.00 to $120.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 6th. Finally, Jefferies Financial Group assumed coverage on shares of SouthState in a research report on Wednesday, May 21st. They set a “buy” rating and a $110.00 target price on the stock. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently 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.