Holocene Advisors LP Acquires 159,257 Shares of SouthState Bank Corporation $SSB

Holocene Advisors LP boosted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 34.2% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 624,573 shares of the company’s stock after purchasing an additional 159,257 shares during the quarter. Holocene Advisors LP owned about 0.62% of SouthState Bank worth $61,752,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of SSB. Jane Street Group LLC increased its holdings in shares of SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after buying an additional 3,678 shares during the last quarter. Allworth Financial LP grew its position in SouthState Bank by 47.6% in the second quarter. Allworth Financial LP now owns 1,324 shares of the company’s stock worth $122,000 after acquiring an additional 427 shares in the last quarter. Vise Technologies Inc. purchased a new position in SouthState Bank in the second quarter worth about $346,000. PNC Financial Services Group Inc. increased its stake in SouthState Bank by 2.0% during the second quarter. PNC Financial Services Group Inc. now owns 15,187 shares of the company’s stock worth $1,398,000 after acquiring an additional 300 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its position in SouthState Bank by 79.9% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 37,942 shares of the company’s stock valued at $3,492,000 after purchasing an additional 16,850 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

SouthState Bank stock opened at $90.49 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. 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 firm has a 50-day moving average of $99.99 and a two-hundred day moving average of $96.67. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $108.46.

SouthState Bank (NYSE:SSB) last issued its 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 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 period last year, the company posted $1.93 earnings per share.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. SouthState Bank’s dividend payout ratio is 30.53%.

Analyst Upgrades and Downgrades

SSB has been the subject of several analyst reports. JPMorgan Chase & Co. assumed coverage on SouthState Bank in a research note on Friday, December 12th. They issued an “overweight” rating and a $115.00 price objective for the company. Barclays boosted their target price on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Stephens raised their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Raymond James Financial lifted their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, January 7th. Finally, Citigroup boosted their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $118.71.

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.