Carlson Capital L.P. Has $801,000 Stock Position in SouthState Bank Corporation $SSB

Carlson Capital L.P. cut its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 49.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,100 shares of the company’s stock after selling 7,800 shares during the period. SouthState Bank makes up approximately 0.3% of Carlson Capital L.P.’s investment portfolio, making the stock its 25th largest holding. Carlson Capital L.P.’s holdings in SouthState Bank were worth $801,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in SSB. State of Michigan Retirement System boosted its holdings in SouthState Bank by 1.7% during the third quarter. State of Michigan Retirement System now owns 24,100 shares of the company’s stock worth $2,383,000 after buying an additional 400 shares during the last quarter. SouthState Bank Corp increased its stake in shares of SouthState Bank by 0.5% in the 3rd quarter. SouthState Bank Corp now owns 56,763 shares of the company’s stock valued at $5,612,000 after acquiring an additional 262 shares during the last quarter. Bessemer Group Inc. raised its position in shares of SouthState Bank by 3.2% in the 3rd quarter. Bessemer Group Inc. now owns 284,727 shares of the company’s stock valued at $28,151,000 after acquiring an additional 8,725 shares during the period. Savant Capital LLC boosted its stake in SouthState Bank by 44.3% during the 3rd quarter. Savant Capital LLC now owns 24,133 shares of the company’s stock worth $2,386,000 after acquiring an additional 7,405 shares during the last quarter. Finally, Machina Capital S.A.S. bought a new position in SouthState Bank during the 3rd quarter worth approximately $293,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Ratings Changes

SSB has been the subject of several recent analyst reports. TD Cowen upped their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Raymond James Financial upped their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. JPMorgan Chase & Co. assumed coverage on SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 price objective on the stock. Stephens boosted their target price on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Finally, Barclays raised their price target on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $118.71.

SouthState Bank Trading Up 1.3%

SSB stock opened at $107.93 on Friday. The business’s 50-day moving average price is $97.40. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $108.46. The company has a market cap of $10.85 billion, a PE ratio of 13.73 and a beta of 0.74. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. The company had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same period in the previous year, the company posted $1.93 earnings per share.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

About SouthState Bank

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.