California State Teachers Retirement System Grows Stake in SouthState Bank Corporation $SSB

California State Teachers Retirement System increased its holdings in SouthState Bank Corporation (NYSE:SSB) by 24.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 119,039 shares of the company’s stock after purchasing an additional 23,477 shares during the period. California State Teachers Retirement System’s holdings in SouthState Bank were worth $11,013,000 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. Nicholas Hoffman & Company LLC. grew its holdings in SouthState Bank by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after buying an additional 111 shares in the last quarter. Cetera Investment Advisers lifted its holdings in shares of SouthState Bank by 0.6% in the first quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock worth $1,754,000 after buying an additional 116 shares in the last quarter. HB Wealth Management LLC lifted its holdings in shares of SouthState Bank by 0.7% in the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock worth $1,670,000 after buying an additional 129 shares in the last quarter. MML Investors Services LLC boosted its position in shares of SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after acquiring an additional 131 shares during the last quarter. Finally, FourThought Financial Partners LLC boosted its position in shares of SouthState Bank by 5.8% during the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after acquiring an additional 139 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on SSB. Truist Financial lifted their price target on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. increased their price objective on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Fundamental Research set a $120.00 price objective on SouthState Bank in a research report on Wednesday, July 1st. DA Davidson reaffirmed a “buy” rating and issued a $125.00 target price on shares of SouthState Bank in a report on Wednesday, June 10th. Finally, Citigroup boosted their target price on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, SouthState Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.64.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $107.81 on Tuesday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The stock has a market capitalization of $10.53 billion, a P/E ratio of 11.34 and a beta of 0.71. The firm has a fifty day simple moving average of $99.44 and a two-hundred day simple moving average of $98.14. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.11.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. During the same period in the previous year, the firm posted $2.30 EPS. On average, analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.4%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date is Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is currently 25.24%.

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.