Truist Financial Corp Sells 38,758 Shares of SouthState Bank Corporation $SSB

Truist Financial Corp decreased its holdings in SouthState Bank Corporation (NYSE:SSB) by 30.1% in the third quarter, Holdings Channel.com reports. The firm owned 90,040 shares of the company’s stock after selling 38,758 shares during the period. Truist Financial Corp’s holdings in SouthState Bank were worth $8,902,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH boosted its position in SouthState Bank by 52.6% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock valued at $24,723,000 after buying an additional 86,234 shares during the period. CWM LLC increased its position in shares of SouthState Bank by 689.1% in the third quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after acquiring an additional 79,719 shares during the period. HBK Sorce Advisory LLC raised its stake in shares of SouthState Bank by 100.1% during the third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after acquiring an additional 16,482 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of SouthState Bank by 101.0% during the third quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after purchasing an additional 12,597 shares during the period. Finally, Merit Financial Group LLC purchased a new stake in shares of SouthState Bank during the third quarter worth about $1,190,000. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the topic of a number of research analyst reports. Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Barclays lifted their price objective on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Citigroup upped their target price on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Stephens lifted their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Finally, Piper Sandler reduced their price objective on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Two 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. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $117.21.

SouthState Bank Trading Down 0.4%

Shares of NYSE:SSB opened at $102.33 on Monday. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $108.18. The stock has a market capitalization of $10.29 billion, a PE ratio of 13.02 and a beta of 0.74. The company’s fifty day moving average is $95.78. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.17. The firm 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 period last year, the company earned $1.93 earnings per share.

SouthState Bank Dividend Announcement

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

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.