Rafferty Asset Management LLC Reduces Position in SouthState Bank Corporation $SSB

Rafferty Asset Management LLC decreased its position in SouthState Bank Corporation (NYSE:SSB) by 14.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,799 shares of the company’s stock after selling 18,591 shares during the period. Rafferty Asset Management LLC owned approximately 0.11% of SouthState Bank worth $10,559,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mather Group LLC. acquired a new position in shares of SouthState Bank in the third quarter valued at about $33,000. Steward Partners Investment Advisory LLC purchased a new stake in SouthState Bank in the second quarter valued at approximately $34,000. Global Retirement Partners LLC increased its holdings in SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares during the period. True Wealth Design LLC increased its holdings in SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after buying an additional 377 shares during the period. Finally, Covestor Ltd raised its position in SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after buying an additional 389 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

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

SouthState Bank Trading Down 5.0%

Shares of SouthState Bank stock opened at $98.56 on Monday. The firm has a 50-day simple moving average of $100.18 and a two-hundred day simple moving average of $96.96. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $108.46. The company has a market cap of $9.67 billion, a P/E ratio of 12.54 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.17. The firm had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same quarter in the previous year, the business earned $1.93 EPS.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s dividend payout ratio is presently 30.53%.

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.