HB Wealth Management LLC Has $1.79 Million Stake in SouthState Bank Corporation $SSB

HB Wealth Management LLC raised its stake in SouthState Bank Corporation (NYSE:SSB) by 81.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 18,097 shares of the company’s stock after purchasing an additional 8,132 shares during the quarter. HB Wealth Management LLC’s holdings in SouthState Bank were worth $1,789,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Fort Washington Investment Advisors Inc. OH increased its stake in SouthState Bank by 52.6% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock valued at $24,723,000 after buying an additional 86,234 shares during the last quarter. CWM LLC raised its position in SouthState Bank by 689.1% in the third quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after acquiring an additional 79,719 shares during the period. HBK Sorce Advisory LLC lifted its position in shares of SouthState Bank by 100.1% during the 3rd quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after buying an additional 16,482 shares during the last quarter. Signaturefd LLC boosted its stake in SouthState Bank by 101.0% in the 3rd quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after purchasing an additional 12,597 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new stake in shares of SouthState Bank in the 3rd quarter valued at about $1,698,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the company. Citigroup dropped their target price on SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 27th. UBS Group lowered their target price on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Cowen assumed coverage on SouthState Bank in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. DA Davidson decreased their price target on SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. Finally, Stephens dropped their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, SouthState Bank currently has an average rating of “Moderate Buy” and a consensus target price of $115.07.

SouthState Bank Stock Performance

SouthState Bank stock opened at $97.64 on Friday. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $109.64. The company has a market cap of $9.81 billion, a PE ratio of 13.43 and a beta of 0.74. The firm’s 50 day moving average price is $92.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.93.

SouthState Bank (NYSE:SSB) last released its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $660.41 million. During the same period in the prior year, the firm earned $1.90 EPS.

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 annualized dividend and a yield of 2.5%. SouthState Bank’s payout ratio is 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.