HB Wealth Management LLC Buys 8,132 Shares of SouthState Bank Corporation $SSB

HB Wealth Management LLC raised its position in shares of SouthState Bank Corporation (NYSE:SSB) by 81.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 18,097 shares of the company’s stock after purchasing an additional 8,132 shares during the quarter. HB Wealth Management LLC’s holdings in SouthState Bank were worth $1,789,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SSB. Howard Financial Services LTD. boosted its stake in shares of SouthState Bank by 100.0% in the 3rd quarter. Howard Financial Services LTD. now owns 32,298 shares of the company’s stock valued at $3,193,000 after purchasing an additional 16,149 shares during the last quarter. Park Avenue Securities LLC bought a new position in SouthState Bank during the third quarter worth $478,000. KLP Kapitalforvaltning AS lifted its holdings in SouthState Bank by 1.0% in the third quarter. KLP Kapitalforvaltning AS now owns 21,215 shares of the company’s stock valued at $2,098,000 after buying an additional 200 shares during the period. Louisiana State Employees Retirement System boosted its position in SouthState Bank by 1.8% during the third quarter. Louisiana State Employees Retirement System now owns 28,200 shares of the company’s stock valued at $2,788,000 after acquiring an additional 500 shares during the last quarter. Finally, Spirepoint Private Client LLC grew its holdings in SouthState Bank by 1.8% during the 3rd quarter. Spirepoint Private Client LLC now owns 10,364 shares of the company’s stock worth $1,025,000 after acquiring an additional 179 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on SSB shares. Raymond James Financial boosted their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday. DA Davidson lowered their target price on SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a report on Friday, October 24th. Barclays cut their price target on SouthState Bank from $125.00 to $122.00 and set an “overweight” rating on the stock in a report on Friday, December 19th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a research report on Monday, December 29th. Finally, JPMorgan Chase & Co. assumed coverage on shares of SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $115.07.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $97.64 on Friday. The firm has a market capitalization of $9.81 billion, a PE ratio of 13.43 and a beta of 0.74. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $109.64. The firm has a 50 day moving average price of $92.27. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last issued its earnings results 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 return on equity of 10.70% and a net margin of 20.25%.The company had revenue of $698.78 million for the quarter, compared to analysts’ expectations of $660.41 million. During the same period last year, the business earned $1.90 EPS.

SouthState Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were paid 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 of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is 33.01%.

SouthState Bank 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.