HighTower Advisors LLC Purchases 26,158 Shares of SouthState Bank Corporation $SSB

HighTower Advisors LLC lifted its position in SouthState Bank Corporation (NYSE:SSB) by 16.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 188,644 shares of the company’s stock after purchasing an additional 26,158 shares during the quarter. HighTower Advisors LLC owned about 0.19% of SouthState Bank worth $18,651,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC purchased a new position in SouthState Bank during the third quarter worth about $57,000. Savvy Advisors Inc. bought a new stake in shares of SouthState Bank during the 3rd quarter valued at about $272,000. Rhumbline Advisers grew its holdings in shares of SouthState Bank by 1.2% during the third quarter. Rhumbline Advisers now owns 268,886 shares of the company’s stock worth $26,585,000 after purchasing an additional 3,068 shares in the last quarter. Collier Financial bought a new position in shares of SouthState Bank in the third quarter worth approximately $74,000. Finally, State of Michigan Retirement System raised its stake in SouthState Bank by 1.7% in the third quarter. State of Michigan Retirement System now owns 24,100 shares of the company’s stock valued at $2,383,000 after purchasing an additional 400 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SSB shares. DA Davidson increased their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Piper Sandler reduced their target price on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Citigroup lifted their price target on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. assumed coverage on SouthState Bank in a report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price objective for the company. Finally, Barclays raised their price objective on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $118.71.

SouthState Bank Trading Down 0.1%

Shares of SSB stock opened at $103.61 on Friday. The stock has a market capitalization of $10.41 billion, a PE ratio of 13.18 and a beta of 0.74. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $108.46. The business has a 50-day moving average of $99.60 and a 200 day moving average of $96.58. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. The business had revenue of $686.87 million for the quarter, compared to analysts’ expectations 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 firm earned $1.93 EPS.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.3%. SouthState Bank’s dividend payout ratio is presently 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.