HBK Sorce Advisory LLC Boosts Stock Holdings in SouthState Bank Corporation $SSB

HBK Sorce Advisory LLC lifted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 100.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,944 shares of the company’s stock after buying an additional 16,482 shares during the quarter. HBK Sorce Advisory LLC’s holdings in SouthState Bank were worth $3,192,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Blue Trust Inc. raised its holdings in SouthState Bank by 12.4% during the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after acquiring an additional 109 shares during the period. Sheets Smith Wealth Management grew its position in shares of SouthState Bank by 1.7% in the third quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock valued at $638,000 after purchasing an additional 111 shares in the last quarter. Nicholson Wealth Management Group LLC raised its stake in shares of SouthState Bank by 1.8% during the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after purchasing an additional 125 shares during the period. Fifth Third Bancorp raised its stake in shares of SouthState Bank by 14.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after purchasing an additional 134 shares during the period. Finally, Huntington National Bank lifted its holdings in SouthState Bank by 23.9% during the 2nd quarter. Huntington National Bank now owns 766 shares of the company’s stock worth $70,000 after purchasing an additional 148 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SSB shares. UBS Group reduced their target price on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Barclays reduced their price objective on shares of SouthState Bank from $125.00 to $122.00 and set an “overweight” rating for the company in a research note on Friday, December 19th. Piper Sandler lowered their target price on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. JPMorgan Chase & Co. started coverage on shares of SouthState Bank in a report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price target for the company. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a report on Monday, December 22nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, SouthState Bank presently has a consensus rating of “Moderate Buy” and a consensus price target of $115.07.

SouthState Bank Price Performance

SSB stock opened at $95.75 on Monday. The business has a 50 day moving average of $91.29. The stock has a market cap of $9.62 billion, a PE ratio of 13.17 and a beta of 0.76. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $109.64. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

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

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, November 7th. SouthState Bank’s dividend payout ratio is presently 33.01%.

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.