NorthCrest Asset Manangement LLC Invests $514,000 in SouthState Bank Corporation $SSB

NorthCrest Asset Manangement LLC purchased a new position in SouthState Bank Corporation (NYSE:SSB) in the third quarter, Holdings Channel reports. The fund purchased 5,142 shares of the company’s stock, valued at approximately $514,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Fort Washington Investment Advisors Inc. OH raised its position in shares of 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 valued at $24,723,000 after acquiring an additional 86,234 shares in the last quarter. CWM LLC boosted its holdings in SouthState Bank by 689.1% in the third quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after purchasing an additional 79,719 shares during the period. HBK Sorce Advisory LLC increased its stake in SouthState Bank by 100.1% during the third 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 during the last quarter. Signaturefd LLC raised its holdings in shares of SouthState Bank by 101.0% during 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, Assenagon Asset Management S.A. acquired a new stake in shares of SouthState Bank during the third quarter worth $1,698,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SSB. Stephens decreased their price target on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Barclays cut their target price on shares of SouthState Bank from $125.00 to $122.00 and set an “overweight” rating on the stock in a report on Friday, December 19th. Citigroup decreased their target price on SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Weiss Ratings reiterated a “hold (c+)” rating on shares of SouthState Bank in a research report on Monday, December 29th. Finally, Piper Sandler reduced their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.07.

SouthState Bank Trading Up 0.2%

NYSE SSB opened at $100.80 on Friday. The stock has a 50-day moving average price of $94.05. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $109.64. The company has a market cap of $10.13 billion, a PE ratio of 13.86 and a beta of 0.74. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.17. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The business had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. During the same period in the previous year, the firm posted $1.93 earnings per share.

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.