Jain Global LLC Cuts Stock Holdings in SouthState Bank Corporation $SSB

Jain Global LLC lowered its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 48.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 125,153 shares of the company’s stock after selling 115,298 shares during the quarter. Jain Global LLC’s holdings in SouthState Bank were worth $12,374,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of SSB. Fort Washington Investment Advisors Inc. OH raised its holdings in shares of SouthState Bank by 52.6% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock valued at $24,723,000 after purchasing an additional 86,234 shares during the last quarter. CWM LLC boosted its holdings in SouthState Bank by 689.1% during the third quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after purchasing an additional 79,719 shares during the last quarter. HBK Sorce Advisory LLC boosted its holdings in SouthState Bank by 100.1% during the third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock worth $3,192,000 after purchasing an additional 16,482 shares during the last quarter. Signaturefd LLC grew its position 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 in the last quarter. Finally, Merit Financial Group LLC purchased a new stake in SouthState Bank in the 3rd quarter valued at about $1,190,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Stock Down 0.0%

SSB opened at $90.45 on Monday. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $108.46. The company’s 50-day moving average price is $100.09 and its two-hundred day moving average price is $96.75. The stock has a market cap of $8.87 billion, a price-to-earnings ratio of 11.51 and a beta of 0.73. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03.

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

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were given 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, February 6th. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

Analyst Ratings Changes

SSB has been the topic of several recent analyst reports. Stephens lifted their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Jefferies Financial Group upped their target price on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Raymond James Financial increased their price target on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. Barclays boosted their price objective on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Finally, Citigroup upped their price objective on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $118.71.

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.