Laurel Wealth Advisors LLC Lowers Position in SouthState Bank Corporation $SSB

Laurel Wealth Advisors LLC decreased its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 99.0% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 15,029 shares of the company’s stock after selling 1,420,639 shares during the period. Laurel Wealth Advisors LLC’s holdings in SouthState Bank were worth $1,486,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Compound Planning Inc. purchased a new position in shares of SouthState Bank in the 3rd quarter worth $258,000. Dana Investment Advisors Inc. increased its stake in SouthState Bank by 5.3% during the third quarter. Dana Investment Advisors Inc. now owns 19,860 shares of the company’s stock worth $1,964,000 after acquiring an additional 1,004 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of SouthState Bank by 37.6% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 2,628 shares of the company’s stock valued at $260,000 after purchasing an additional 718 shares in the last quarter. Vestmark Advisory Solutions Inc. purchased a new stake in shares of SouthState Bank during the 3rd quarter worth about $481,000. Finally, King Luther Capital Management Corp increased its position in SouthState Bank by 31.9% during the 3rd quarter. King Luther Capital Management Corp now owns 4,137 shares of the company’s stock worth $409,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Stock Performance

NYSE:SSB opened at $98.56 on Monday. The firm has a 50-day moving average of $100.18 and a two-hundred day moving average of $96.96. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. The stock has a market cap of $9.67 billion, a P/E ratio of 12.54 and a beta of 0.74. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $108.46.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.30 by $0.17. The business had revenue of $686.87 million for the quarter, compared to analysts’ expectations 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 in the previous year, the firm posted $1.93 earnings per share.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s dividend payout ratio is presently 30.53%.

Wall Street Analysts Forecast Growth

SSB has been the subject of several recent research reports. Raymond James Financial increased their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. Citigroup raised their price objective on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. initiated coverage on SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 price objective on the stock. Stephens increased their target price on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Finally, Jefferies Financial Group raised their target price on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, February 2nd. 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 company’s stock. Based on data from MarketBeat, SouthState Bank presently has an average rating of “Buy” and a consensus target price of $118.71.

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.