Ashton Thomas Private Wealth LLC Makes New Investment in SouthState Bank Corporation $SSB

Ashton Thomas Private Wealth LLC bought a new stake in SouthState Bank Corporation (NYSE:SSB) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 14,822 shares of the company’s stock, valued at approximately $1,465,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mather Group LLC. purchased a new position in shares of SouthState Bank during the third quarter worth approximately $33,000. Steward Partners Investment Advisory LLC acquired a new stake in SouthState Bank during the 2nd quarter worth $34,000. Global Retirement Partners LLC grew its position in SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after purchasing an additional 188 shares during the last quarter. True Wealth Design LLC grew its position in SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after purchasing an additional 377 shares during the last quarter. Finally, TFC Financial Management Inc. increased its stake in SouthState Bank by 49,800.0% in the second 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 period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

SouthState Bank stock opened at $107.93 on Friday. The company has a 50 day simple moving average of $97.40. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $108.46. The stock has a market capitalization of $10.85 billion, a P/E ratio of 13.73 and a beta of 0.74. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93.

SouthState Bank (NYSE:SSB) last released its 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. The company had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same quarter last year, the company earned $1.93 earnings per share.

SouthState Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, February 6th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.2%. SouthState Bank’s payout ratio is currently 30.53%.

Analysts Set New Price Targets

A number of research firms recently issued reports on SSB. Raymond James Financial raised 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. Piper Sandler decreased their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. DA Davidson upped their price target on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, UBS Group decreased their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Two research 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 stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $118.71.

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.