Swiss National Bank Lowers Position in SouthState Bank Corporation $SSB

Swiss National Bank trimmed its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 1.2% in the second quarter, Holdings Channel reports. The firm owned 193,630 shares of the company’s stock after selling 2,300 shares during the period. Swiss National Bank’s holdings in SouthState Bank were worth $17,820,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in SouthState Bank by 31.2% during the first quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock worth $1,028,406,000 after buying an additional 2,637,786 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of SouthState Bank by 34.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company’s stock worth $422,915,000 after acquiring an additional 1,164,348 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of SouthState Bank by 0.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the company’s stock worth $322,949,000 after purchasing an additional 11,728 shares during the period. American Century Companies Inc. increased its holdings in SouthState Bank by 14.4% in the 1st quarter. American Century Companies Inc. now owns 1,769,537 shares of the company’s stock valued at $164,249,000 after purchasing an additional 222,818 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in SouthState Bank by 38.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the company’s stock valued at $133,407,000 after purchasing an additional 397,371 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SSB. DA Davidson lowered their price target on SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Barclays lowered their price objective on shares of SouthState Bank from $128.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. UBS Group dropped their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Zacks Research downgraded shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Finally, TD Cowen decreased their price target on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, SouthState Bank has an average rating of “Moderate Buy” and an average price target of $115.31.

SouthState Bank Trading Down 0.1%

SouthState Bank stock opened at $89.82 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The stock’s fifty day moving average price is $93.27. The stock has a market cap of $9.03 billion, a PE ratio of 12.35 and a beta of 0.77. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $113.24.

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

SouthState Bank Announces Dividend

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