Aster Capital Management DIFC Ltd Decreases Stock Holdings in SouthState Bank Corporation $SSB

Aster Capital Management DIFC Ltd lowered its stake in SouthState Bank Corporation (NYSE:SSB) by 89.3% during the third quarter, Holdings Channel.com reports. The fund owned 1,568 shares of the company’s stock after selling 13,124 shares during the quarter. Aster Capital Management DIFC Ltd’s holdings in SouthState Bank were worth $155,000 at the end of the most recent reporting period.

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

SouthState Bank Stock Down 5.0%

NYSE SSB opened at $98.56 on Friday. The business’s fifty day simple moving average is $100.18 and its 200-day simple moving average is $96.97. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03. The firm has a market cap of $9.67 billion, a PE ratio of 12.54 and a beta of 0.74. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $108.46.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. During the same quarter in the prior year, the firm posted $1.93 earnings per share.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. TD Cowen increased their target price on SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Barclays raised their price objective on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Stephens lifted their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Finally, Raymond James Financial increased their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank has a consensus rating of “Buy” and a consensus target price 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.