Verdence Capital Advisors LLC Grows Holdings in SouthState Bank Corporation $SSB

Verdence Capital Advisors LLC increased its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 109.4% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 11,374 shares of the company’s stock after purchasing an additional 5,942 shares during the period. Verdence Capital Advisors LLC’s holdings in SouthState Bank were worth $1,028,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. NorthCrest Asset Manangement LLC acquired a new stake in shares of SouthState Bank in the third quarter valued at $514,000. Wealth Enhancement Advisory Services LLC increased its stake in SouthState Bank by 168.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 84,046 shares of the company’s stock worth $8,406,000 after buying an additional 52,718 shares during the period. Amalgamated Bank lifted its holdings in SouthState Bank by 2.7% during the 3rd quarter. Amalgamated Bank now owns 46,160 shares of the company’s stock worth $4,564,000 after buying an additional 1,209 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in SouthState Bank by 3.6% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 7,290 shares of the company’s stock valued at $721,000 after buying an additional 256 shares during the period. Finally, Evergreen Capital Management LLC grew its stake in shares of SouthState Bank by 26.7% in the third quarter. Evergreen Capital Management LLC now owns 5,491 shares of the company’s stock worth $543,000 after acquiring an additional 1,156 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Up 3.9%

Shares of SSB opened at $100.63 on Thursday. The firm has a market capitalization of $10.11 billion, a P/E ratio of 13.84 and a beta of 0.74. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $109.64. 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 company has a 50 day simple moving average of $93.82.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share 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 quarter in the previous year, the firm earned $1.90 EPS.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SSB. JPMorgan Chase & Co. initiated coverage on SouthState Bank in a report on Friday, December 12th. They issued an “overweight” rating and a $115.00 target price for the company. Citigroup lowered their price objective on SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Stephens reduced their target price on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of SouthState Bank in a report on Monday, December 29th. Finally, DA Davidson reduced their price objective on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.07.

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.