SouthState Bank Corporation $SSB Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lowered its position in SouthState Bank Corporation (NYSE:SSB) by 11.3% during the third quarter, Holdings Channel.com reports. The fund owned 48,653 shares of the company’s stock after selling 6,228 shares during the quarter. Wedge Capital Management L L P NC’s holdings in SouthState Bank were worth $4,810,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. grew its holdings in shares of SouthState Bank by 150.2% during the 1st quarter. Raymond James Financial Inc. now owns 142,933 shares of the company’s stock worth $13,266,000 after purchasing an additional 85,816 shares during the period. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of SouthState Bank in the 1st quarter valued at $67,000. Smartleaf Asset Management LLC lifted its holdings in shares of SouthState Bank by 1,103.4% during 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. Synovus Financial Corp boosted its position in SouthState Bank by 5.1% during the 1st quarter. Synovus Financial Corp now owns 68,325 shares of the company’s stock worth $6,342,000 after purchasing an additional 3,331 shares during the period. Finally, MetLife Investment Management LLC increased its holdings in SouthState Bank by 147.1% in the 1st quarter. MetLife Investment Management LLC now owns 216,085 shares of the company’s stock valued at $20,057,000 after purchasing an additional 128,640 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 brokerages have commented on SSB. Barclays reduced their price objective on SouthState Bank from $125.00 to $122.00 and set an “overweight” rating on the stock in a research note on Friday. Piper Sandler reduced their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. JPMorgan Chase & Co. initiated coverage on SouthState Bank in a report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price target for the company. 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, Stephens reduced their target price on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, SouthState Bank currently has a consensus rating of “Moderate Buy” and a consensus price target of $115.07.

SouthState Bank Trading Down 0.2%

SSB stock opened at $97.17 on Monday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93. The stock’s 50 day moving average is $91.17. The firm has a market capitalization of $9.77 billion, a P/E ratio of 13.37 and a beta of 0.76. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $109.64.

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

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is presently 33.01%.

SouthState Bank Company 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.