New York State Common Retirement Fund Raises Stock Position in SouthState Bank Corporation $SSB

New York State Common Retirement Fund raised its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 8.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 110,809 shares of the company’s stock after buying an additional 8,578 shares during the period. New York State Common Retirement Fund owned about 0.11% of SouthState Bank worth $10,956,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mather Group LLC. bought a new stake in shares of SouthState Bank in the third quarter worth $33,000. Steward Partners Investment Advisory LLC purchased a new position in SouthState Bank in the second quarter worth about $34,000. Global Retirement Partners LLC grew its stake in shares of SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after purchasing an additional 188 shares during the period. True Wealth Design LLC increased its position in shares of SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after purchasing an additional 377 shares during the last quarter. Finally, TFC Financial Management Inc. increased its position in shares of SouthState Bank by 49,800.0% during the 2nd quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock valued at $46,000 after purchasing an additional 498 shares during the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Bank Stock Up 0.9%

Shares of SouthState Bank stock opened at $103.91 on Wednesday. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $108.18. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The firm’s 50-day moving average price is $96.38. The stock has a market capitalization of $10.44 billion, a price-to-earnings ratio of 13.22 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The company had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. During the same period in the prior year, the company earned $1.93 earnings per share.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, February 6th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.3%. The ex-dividend date is Friday, February 6th. SouthState Bank’s payout ratio is currently 30.53%.

Analyst Upgrades and Downgrades

SSB has been the subject of several recent research reports. Stephens boosted their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. DA Davidson lifted their price target on shares of SouthState Bank from $112.00 to $119.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Jefferies Financial Group upped their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday. Citigroup raised their target price on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $118.29.

SouthState Bank 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.