SouthState Bank Corporation (NYSE:SSB) Short Interest Down 21.8% in December

SouthState Bank Corporation (NYSE:SSB) was the target of a significant drop in short interest in the month of December. As of December 15th, there was short interest totaling 2,573,733 shares, a drop of 21.8% from the November 30th total of 3,292,593 shares. Approximately 2.6% of the company’s stock are sold short. Based on an average daily trading volume, of 919,700 shares, the short-interest ratio is presently 2.8 days. Based on an average daily trading volume, of 919,700 shares, the short-interest ratio is presently 2.8 days. Approximately 2.6% of the company’s stock are sold short.

Institutional Trading of SouthState Bank

Hedge funds have recently added to or reduced their stakes in the business. Rise Advisors LLC acquired a new stake in SouthState Bank in the 1st quarter valued at approximately $33,000. Mather Group LLC. bought a new stake in shares of SouthState Bank in the third quarter valued at approximately $33,000. Steward Partners Investment Advisory LLC bought a new stake in shares of SouthState Bank in the second quarter valued at approximately $34,000. Global Retirement Partners LLC grew its stake in shares of SouthState Bank by 106.8% in 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. Finally, True Wealth Design LLC increased its position in SouthState Bank by 37,700.0% during the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after acquiring an additional 377 shares during the period. Institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on SSB. JPMorgan Chase & Co. initiated coverage on SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 target price on the stock. Piper Sandler reduced their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a report on Monday, October 27th. DA Davidson cut their price objective on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Cowen began coverage on shares of SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Finally, Citigroup cut their price target on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.07.

SouthState Bank Stock Down 0.2%

Shares of NYSE:SSB traded down $0.18 during trading on Tuesday, reaching $95.10. The stock had a trading volume of 546,181 shares, compared to its average volume of 875,238. SouthState Bank has a 52 week low of $77.74 and a 52 week high of $109.64. The stock has a market capitalization of $9.56 billion, a price-to-earnings ratio of 13.08 and a beta of 0.76. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93. The firm’s fifty day moving average is $91.30.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.38. The business had revenue of $698.78 million during the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same period in the prior year, the firm earned $1.90 EPS.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is currently 33.01%.

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.