SG Americas Securities LLC Acquires 4,647 Shares of SouthState Bank Corporation $SSB

SG Americas Securities LLC grew its holdings in SouthState Bank Corporation (NYSE:SSB) by 53.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 13,323 shares of the company’s stock after buying an additional 4,647 shares during the quarter. SG Americas Securities LLC’s holdings in SouthState Bank were worth $1,226,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in SouthState Bank by 7.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 25,296 shares of the company’s stock worth $2,328,000 after purchasing an additional 1,825 shares during the last quarter. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of SouthState Bank by 79.9% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 37,942 shares of the company’s stock valued at $3,492,000 after acquiring an additional 16,850 shares during the period. PNC Financial Services Group Inc. boosted its holdings in SouthState Bank by 2.0% in the second quarter. PNC Financial Services Group Inc. now owns 15,187 shares of the company’s stock valued at $1,398,000 after acquiring an additional 300 shares during the last quarter. Vise Technologies Inc. acquired a new stake in SouthState Bank in the second quarter worth about $346,000. Finally, Allworth Financial LP raised its holdings in SouthState Bank by 47.6% during the 2nd quarter. Allworth Financial LP now owns 1,324 shares of the company’s stock worth $122,000 after purchasing an additional 427 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the topic of several analyst reports. DA Davidson cut 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. Hovde Group upped their price objective on SouthState Bank from $97.00 to $105.00 and gave the company a “market perform” rating in a report on Friday, July 25th. National Bankshares set a $127.00 price target on SouthState Bank in a research note on Wednesday, September 24th. Cowen began coverage on shares of SouthState Bank in a research note on Wednesday, September 24th. They set a “buy” rating on the stock. Finally, TD Cowen dropped their price objective on SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Two investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.31.

SouthState Bank Stock Performance

NYSE SSB opened at $87.98 on Friday. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $114.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. The company has a 50 day moving average price of $93.97. The company has a market cap of $8.84 billion, a PE ratio of 12.10 and a beta of 0.77.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.38. The business had revenue of $698.78 million for the quarter, compared to analyst estimates 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 posted $1.90 earnings per share.

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio is currently 33.01%.

SouthState Bank Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.