Jefferies Financial Group Inc. Purchases 22,815 Shares of SouthState Bank Corporation $SSB

Jefferies Financial Group Inc. raised its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 748.3% in the 2nd quarter, Holdings Channel.com reports. The fund owned 25,864 shares of the company’s stock after buying an additional 22,815 shares during the period. Jefferies Financial Group Inc.’s holdings in SouthState Bank were worth $2,380,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Rise Advisors LLC bought a new stake in shares of SouthState Bank in the first quarter worth $33,000. Flaharty Asset Management LLC acquired a new stake in SouthState Bank in the 1st quarter valued at $45,000. TFC Financial Management Inc. lifted its position in SouthState Bank by 49,800.0% during the 2nd quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after buying an additional 498 shares in the last quarter. Summit Securities Group LLC boosted its stake in shares of SouthState Bank by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock worth $64,000 after buying an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of SouthState Bank by 1,103.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $64,000 after acquiring an additional 640 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays lowered their target price on SouthState Bank from $128.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Stephens lowered their price target on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Piper Sandler cut their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a report on Monday, October 27th. UBS Group decreased their target price on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of SouthState Bank in a report on Thursday, November 20th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $115.31.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $89.93 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm’s fifty day simple moving average is $93.50. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $113.24. The firm has a market cap of $9.04 billion, a P/E ratio of 12.37 and a beta of 0.77.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.20 by $0.38. The firm had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same period in the previous year, the company earned $1.90 earnings per share.

SouthState Bank Announces Dividend

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%.

About SouthState Bank

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.