Teachers Retirement System of The State of Kentucky Reduces Stock Holdings in SouthState Bank Corporation $SSB

Teachers Retirement System of The State of Kentucky reduced its position in SouthState Bank Corporation (NYSE:SSB) by 41.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 29,971 shares of the company’s stock after selling 21,257 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in SouthState Bank were worth $2,963,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in SSB. Fort Washington Investment Advisors Inc. OH increased its holdings in SouthState Bank by 52.6% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after acquiring an additional 86,234 shares during the period. CWM LLC grew its position in shares of SouthState Bank by 689.1% during the 3rd quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after purchasing an additional 79,719 shares in the last quarter. HBK Sorce Advisory LLC grew its position in shares of SouthState Bank by 100.1% during the 3rd quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after purchasing an additional 16,482 shares in the last quarter. Signaturefd LLC increased its holdings in shares of SouthState Bank by 101.0% in the third quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after purchasing an additional 12,597 shares during the period. Finally, Merit Financial Group LLC bought a new stake in SouthState Bank during the third quarter valued at $1,190,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Trading Up 0.5%

SSB stock opened at $99.05 on Thursday. The company has a market capitalization of $9.71 billion, a PE ratio of 12.60 and a beta of 0.73. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $108.46. The company’s 50 day moving average price is $100.34 and its two-hundred day moving average price is $97.01.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, beating the consensus estimate of $2.30 by $0.17. The company had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same quarter last year, the firm earned $1.93 EPS.

SouthState Bank Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on SSB shares. Jefferies Financial Group upped their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Citigroup upped their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Barclays raised their target price on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Finally, UBS Group lowered their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average 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.