Great Lakes Advisors LLC Trims Stake in SouthState Bank Corporation $SSB

Great Lakes Advisors LLC lessened its holdings in SouthState Bank Corporation (NYSE:SSB) by 49.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,886 shares of the company’s stock after selling 17,824 shares during the period. Great Lakes Advisors LLC’s holdings in SouthState Bank were worth $1,768,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Fort Washington Investment Advisors Inc. OH raised its stake in shares of SouthState Bank by 52.6% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after acquiring an additional 86,234 shares in the last quarter. CWM LLC grew its holdings in shares of SouthState Bank by 689.1% during the 3rd quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after purchasing an additional 79,719 shares during the last quarter. HBK Sorce Advisory LLC grew its holdings 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 purchasing an additional 16,482 shares during the last quarter. Signaturefd LLC raised 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 during the period. Finally, Merit Financial Group LLC bought a new stake in SouthState Bank in the third quarter worth $1,190,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SSB shares. DA Davidson raised their price objective on SouthState Bank from $112.00 to $119.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Citigroup raised their price target on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. TD Cowen boosted their price objective on SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Piper Sandler cut their target price on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Finally, Barclays lifted their target price on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Two equities 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 data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $117.21.

SouthState Bank Stock Performance

NYSE SSB opened at $102.33 on Friday. The stock has a market cap of $10.29 billion, a PE ratio of 13.02 and a beta of 0.74. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $108.18. The stock has a 50 day simple moving average of $95.78. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08.

SouthState Bank (NYSE:SSB) last announced its 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 during the quarter, compared to the consensus estimate of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same quarter in the prior year, the company earned $1.93 earnings per share.

SouthState Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

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.