SouthState Bank Corporation $SSB Position Increased by Stieven Capital Advisors L.P.

Stieven Capital Advisors L.P. grew its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 9.0% in the third quarter, HoldingsChannel.com reports. The fund owned 246,900 shares of the company’s stock after purchasing an additional 20,300 shares during the period. SouthState Bank accounts for about 4.6% of Stieven Capital Advisors L.P.’s investment portfolio, making the stock its 5th largest holding. Stieven Capital Advisors L.P.’s holdings in SouthState Bank were worth $24,411,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Laurel Wealth Advisors LLC grew its stake in SouthState Bank by 9,074.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after buying an additional 1,420,019 shares in the last quarter. Norges Bank bought a new position in shares of SouthState Bank in the 2nd quarter worth $109,029,000. Qube Research & Technologies Ltd purchased a new stake in shares of SouthState Bank during the 2nd quarter valued at $81,769,000. Jane Street Group LLC raised its position in shares of SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after buying an additional 672,721 shares in the last quarter. Finally, Invesco Ltd. raised its position in SouthState Bank by 90.8% during the second quarter. Invesco Ltd. now owns 1,173,003 shares of the company’s stock valued at $107,951,000 after purchasing an additional 558,252 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SSB. Barclays upped their price objective on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Raymond James Financial raised their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 7th. Citigroup boosted their target price on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Stephens upped their target price on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Finally, JPMorgan Chase & Co. initiated coverage on shares of SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Down 0.0%

Shares of NYSE:SSB opened at $90.45 on Friday. The stock’s 50-day moving average price is $100.09 and its 200-day moving average price is $96.81. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $108.46. The stock has a market capitalization of $8.87 billion, a P/E ratio of 11.51 and a beta of 0.73. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share 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 analyst estimates 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 company posted $1.93 EPS.

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s payout ratio is 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.