SouthState Bank Corporation (NYSE:SSB) Short Interest Up 22.3% in January

SouthState Bank Corporation (NYSE:SSB) was the recipient of a large growth in short interest in January. As of January 30th, there was short interest totaling 2,377,982 shares, a growth of 22.3% from the January 15th total of 1,944,128 shares. Approximately 2.4% of the company’s stock are short sold. Based on an average trading volume of 1,001,850 shares, the short-interest ratio is currently 2.4 days. Based on an average trading volume of 1,001,850 shares, the short-interest ratio is currently 2.4 days. Approximately 2.4% of the company’s stock are short sold.

Institutional Investors Weigh In On SouthState Bank

Hedge funds have recently modified their holdings of the stock. Mather Group LLC. purchased a new position in shares of SouthState Bank in the third quarter worth approximately $33,000. Steward Partners Investment Advisory LLC acquired a new position in SouthState Bank in the 2nd quarter worth approximately $34,000. Global Retirement Partners LLC raised its stake in SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after purchasing an additional 188 shares during the period. True Wealth Design LLC lifted its holdings in shares of SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after purchasing an additional 377 shares in the last quarter. Finally, Covestor Ltd boosted its position in shares of SouthState Bank by 385.1% in the third quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after buying an additional 389 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

SSB stock opened at $104.10 on Wednesday. The company has a 50-day simple moving average of $99.26 and a 200 day simple moving average of $96.48. The company has a market capitalization of $10.46 billion, a P/E ratio of 13.24 and a beta of 0.74. 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 has a fifty-two week low of $77.74 and a fifty-two week 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 analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The company had revenue of $686.87 million for the quarter, compared to the consensus estimate of $667.88 million. During the same period in the previous year, the firm earned $1.93 EPS.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were given a $0.60 dividend. The ex-dividend date was Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.3%. SouthState Bank’s payout ratio is 30.53%.

Wall Street Analyst Weigh In

SSB has been the subject of several analyst reports. DA Davidson upped their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. JPMorgan Chase & Co. started coverage on SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 target price on the stock. Jefferies Financial Group boosted their price target on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Raymond James Financial increased their price target on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 7th. Finally, TD Cowen lifted their price objective on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank presently has a consensus rating of “Buy” and a consensus price target of $118.71.

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.