SouthState Bank Corporation $SSB Shares Bought by Vanguard Group Inc.

Vanguard Group Inc. lifted its position in shares of SouthState Bank Corporation (NYSE:SSB) by 1.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,775,431 shares of the company’s stock after buying an additional 130,358 shares during the quarter. Vanguard Group Inc. owned approximately 10.72% of SouthState Bank worth $1,065,367,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Laurel Wealth Advisors LLC grew its stake in SouthState Bank by 9,074.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after acquiring an additional 1,420,019 shares during the period. Norges Bank acquired a new stake in shares of SouthState Bank during the second quarter worth $109,029,000. Qube Research & Technologies Ltd purchased a new stake in shares of SouthState Bank in the second quarter valued at $81,769,000. Jane Street Group LLC increased its stake in SouthState Bank by 810.7% in the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after purchasing an additional 672,721 shares during the last quarter. Finally, Invesco Ltd. lifted its position in SouthState Bank by 90.8% during the second quarter. Invesco Ltd. now owns 1,173,003 shares of the company’s stock worth $107,951,000 after buying an additional 558,252 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Trading Up 1.8%

Shares of SSB stock opened at $105.46 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $108.46. The firm’s 50 day moving average price is $99.79 and its two-hundred day moving average price is $96.68. The stock has a market cap of $10.60 billion, a price-to-earnings ratio of 13.42 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last released 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. The company had revenue of $686.87 million during 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 in the prior year, the business earned $1.93 earnings per share.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.3%. SouthState Bank’s dividend payout ratio (DPR) is 30.53%.

Wall Street Analysts Forecast Growth

Several research firms have commented on SSB. Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Raymond James Financial raised their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. Jefferies Financial Group upped their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. UBS Group decreased their price target on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, TD Cowen upped their price objective on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, SouthState Bank currently has a consensus rating of “Buy” and an average price target of $118.71.

About SouthState Bank

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.