Carlson Capital L.P. Acquires 8,398 Shares of SouthState Bank Corporation $SSB

Carlson Capital L.P. grew its holdings in SouthState Bank Corporation (NYSE:SSB) by 86.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,098 shares of the company’s stock after purchasing an additional 8,398 shares during the quarter. Carlson Capital L.P.’s holdings in SouthState Bank were worth $1,674,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in SSB. Root Financial Partners LLC grew its stake in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after purchasing an additional 210 shares during the period. Measured Wealth Private Client Group LLC bought a new stake in SouthState Bank in the third quarter worth approximately $51,000. GHP Investment Advisors Inc. acquired a new position in SouthState Bank in the first quarter valued at approximately $52,000. Danske Bank A S acquired a new position in SouthState Bank in the third quarter valued at approximately $59,000. Finally, Harbour Investments Inc. bought a new position in shares of SouthState Bank during the 4th quarter worth approximately $68,000. Institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the subject of several recent analyst reports. Truist Financial raised their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday. Barclays cut their target price on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 7th. TD Cowen raised their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday. DA Davidson reaffirmed a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. Finally, Citigroup upped their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, SouthState Bank has an average rating of “Moderate Buy” and an average price target of $119.64.

SouthState Bank Trading Down 0.1%

NYSE SSB opened at $105.19 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.11. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The business has a 50 day moving average price of $99.18 and a 200-day moving average price of $98.05. The company has a market cap of $10.27 billion, a price-to-earnings ratio of 11.06 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The company had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. During the same period last year, the business earned $2.30 EPS. As a group, equities analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be issued a dividend of $0.66 per share. The ex-dividend date is Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.5%. SouthState Bank’s dividend payout ratio is currently 25.24%.

SouthState Bank Company 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.