SouthState Bank Corporation (NYSE:SSB) Short Interest Update

SouthState Bank Corporation (NYSE:SSB) saw a large decline in short interest during the month of December. As of December 31st, there was short interest totaling 1,912,992 shares, a decline of 25.7% from the December 15th total of 2,573,733 shares. Currently, 1.9% of the shares of the company are sold short. Based on an average daily volume of 674,176 shares, the short-interest ratio is presently 2.8 days. Based on an average daily volume of 674,176 shares, the short-interest ratio is presently 2.8 days. Currently, 1.9% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Raymond James Financial lifted their price target on SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 7th. JPMorgan Chase & Co. started coverage on SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 target price for the company. UBS Group dropped their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Stephens cut their price target on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Finally, Piper Sandler decreased their price objective on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $115.07.

SouthState Bank Price Performance

SSB traded down $0.63 during trading on Friday, hitting $98.37. The stock had a trading volume of 614,334 shares, compared to its average volume of 549,014. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. The stock has a 50 day simple moving average of $93.25. SouthState Bank has a one year low of $77.74 and a one year high of $109.64. The company has a market capitalization of $9.89 billion, a price-to-earnings ratio of 13.53 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last posted its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The company had revenue of $698.78 million during the quarter, compared to the consensus estimate of $660.41 million. During the same quarter last year, the firm earned $1.90 earnings per share.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is currently 33.01%.

Institutional Investors Weigh In On SouthState Bank

A number of large investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its holdings in SouthState Bank by 12.4% in the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after acquiring an additional 109 shares in the last quarter. Sheets Smith Wealth Management grew its holdings in shares of SouthState Bank by 1.7% during the 3rd quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock worth $638,000 after purchasing an additional 111 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its position in shares of SouthState Bank by 4.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock worth $245,000 after purchasing an additional 115 shares during the period. Nicholson Wealth Management Group LLC raised its stake in SouthState Bank by 1.8% in the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after purchasing an additional 125 shares in the last quarter. Finally, Fifth Third Bancorp raised its stake in SouthState Bank by 14.0% in the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after purchasing an additional 134 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Company Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.