SouthState Bank Corporation $SSB Shares Acquired by Handelsbanken Fonder AB

Handelsbanken Fonder AB lifted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 27.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 29,438 shares of the company’s stock after buying an additional 6,400 shares during the period. Handelsbanken Fonder AB’s holdings in SouthState Bank were worth $2,770,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in shares of SouthState Bank by 4.7% during the third quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after buying an additional 16,974 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of SouthState Bank by 168.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 84,046 shares of the company’s stock worth $8,406,000 after buying an additional 52,718 shares during the period. Vanguard Group Inc. boosted its stake in shares of SouthState Bank by 1.2% during the third quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock worth $1,065,367,000 after buying an additional 130,358 shares during the period. Ashton Thomas Private Wealth LLC acquired a new stake in shares of SouthState Bank during the third quarter worth about $1,465,000. Finally, First National Bank of Omaha acquired a new stake in shares of SouthState Bank during the third quarter worth about $2,521,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Transactions at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the transaction, the director directly owned 12,700 shares of the company’s stock, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 1.70% of the stock is owned by corporate insiders.

SouthState Bank Trading Up 0.9%

NYSE SSB opened at $94.69 on Friday. The stock has a market capitalization of $9.25 billion, a P/E ratio of 10.21 and a beta of 0.72. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The firm has a 50-day moving average price of $94.49 and a 200 day moving average price of $95.64. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the prior year, the company posted $0.87 earnings per share. Equities research analysts expect that SouthState Bank Corporation will post 9.48 EPS for the current year.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio is currently 25.89%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Stephens increased their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Jefferies Financial Group increased their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. increased their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Finally, TD Cowen decreased their target price on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research note on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank currently has an average rating of “Buy” and a consensus target price of $118.62.

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.