UBS Group AG Increases Position in SouthState Bank Corporation $SSB

UBS Group AG lifted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 23.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 568,441 shares of the company’s stock after acquiring an additional 108,192 shares during the quarter. UBS Group AG’s holdings in SouthState Bank were worth $53,496,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mather Group LLC. purchased a new stake in shares of SouthState Bank during the third quarter worth about $33,000. Global Retirement Partners LLC increased its position in shares of SouthState Bank by 106.8% during the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after acquiring an additional 188 shares during the last quarter. Covestor Ltd increased its position in shares of SouthState Bank by 385.1% during the third quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after acquiring an additional 389 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new stake in shares of SouthState Bank during the third quarter worth about $51,000. Finally, State of Wyoming increased its position in shares of SouthState Bank by 356.0% during the third quarter. State of Wyoming now owns 570 shares of the company’s stock worth $56,000 after acquiring an additional 445 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SSB shares. JPMorgan Chase & Co. dropped their target price on SouthState Bank from $120.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 1st. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Citigroup upped their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Hovde Group upped their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group upped their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $118.23.

SouthState Bank Stock Up 1.0%

SSB stock opened at $97.41 on Wednesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $108.46. The firm has a fifty day moving average price of $95.46 and a two-hundred day moving average price of $95.38. The firm has a market cap of $9.51 billion, a price-to-earnings ratio of 10.51 and a beta of 0.72.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The firm had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. During the same quarter in the previous year, the firm earned $0.87 earnings per share. Research analysts predict that SouthState Bank Corporation will post 9.46 EPS for the current year.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 8th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, May 8th. This represents a $2.40 annualized dividend and a yield of 2.5%. SouthState Bank’s payout ratio is presently 25.89%.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is currently owned by insiders.

About SouthState Bank

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.