Victory Capital Management Inc. Sells 80,532 Shares of SouthState Bank Corporation $SSB

Victory Capital Management Inc. lowered its stake in SouthState Bank Corporation (NYSE:SSB) by 4.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,741,898 shares of the company’s stock after selling 80,532 shares during the period. Victory Capital Management Inc.’s holdings in SouthState Bank were worth $172,221,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Laurel Wealth Advisors LLC lifted its holdings 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 purchasing an additional 1,420,019 shares during the last quarter. Norges Bank bought a new position in shares of SouthState Bank in the second quarter valued at approximately $109,029,000. Qube Research & Technologies Ltd acquired a new stake in shares of SouthState Bank in the second quarter worth $81,769,000. Jane Street Group LLC boosted its holdings in shares of SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after buying an additional 672,721 shares during the period. Finally, Invesco Ltd. grew its stake in SouthState Bank by 90.8% in the 2nd quarter. Invesco Ltd. now owns 1,173,003 shares of the company’s stock valued at $107,951,000 after buying an additional 558,252 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SSB. Stephens boosted their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. TD Cowen lifted their price objective on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Barclays increased their target price on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Jefferies Financial Group raised their target price on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Finally, Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” 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 given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $118.71.

SouthState Bank Trading Down 1.0%

Shares of SSB opened at $98.75 on Wednesday. The stock’s 50-day moving average price is $100.29 and its 200 day moving average price is $97.00. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $9.68 billion, a price-to-earnings ratio of 12.56 and a beta of 0.73. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $108.46.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. The company had revenue of $686.87 million during the quarter, compared to the consensus estimate 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 last year, the company earned $1.93 EPS.

SouthState Bank Announces Dividend

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

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.