Brant Point Investment Management LLC Acquires 5,574 Shares of SouthState Bank Corporation $SSB

Brant Point Investment Management LLC grew its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 15.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 42,785 shares of the company’s stock after acquiring an additional 5,574 shares during the quarter. Brant Point Investment Management LLC’s holdings in SouthState Bank were worth $3,938,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Rise Advisors LLC bought a new stake in shares of SouthState Bank during the 1st quarter valued at approximately $33,000. Steward Partners Investment Advisory LLC bought a new position in SouthState Bank in the 2nd quarter valued at approximately $34,000. Flaharty Asset Management LLC acquired a new stake in SouthState Bank in the first quarter valued at approximately $45,000. TFC Financial Management Inc. grew its stake in shares of SouthState Bank by 49,800.0% during the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after buying an additional 498 shares during the last quarter. Finally, Summit Securities Group LLC grew its stake in shares of SouthState Bank by 81.5% during the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock worth $64,000 after buying an additional 309 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SSB. UBS Group dropped their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Zacks Research cut SouthState Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. TD Cowen cut their price target on SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Citigroup reduced their price target on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a research note on Tuesday, December 2nd. Two analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $115.31.

SouthState Bank Trading Down 0.1%

Shares of SSB stock opened at $92.02 on Monday. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $111.83. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $9.25 billion, a PE ratio of 12.66 and a beta of 0.76. The company has a 50-day moving average of $91.80.

SouthState Bank (NYSE:SSB) last announced its earnings results on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, beating the consensus estimate of $2.20 by $0.38. The business had revenue of $698.78 million for the quarter, compared to analysts’ expectations of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same period in the prior year, the business posted $1.90 earnings per share.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. SouthState Bank’s dividend payout ratio is 33.01%.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.