Savant Capital LLC Raises Stock Position in SouthState Bank Corporation $SSB

Savant Capital LLC increased its stake in SouthState Bank Corporation (NYSE:SSB) by 44.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,133 shares of the company’s stock after buying an additional 7,405 shares during the period. Savant Capital LLC’s holdings in SouthState Bank were worth $2,386,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Mather Group LLC. purchased a new stake in SouthState Bank in the third quarter worth about $33,000. Global Retirement Partners LLC raised its stake in SouthState Bank by 106.8% during the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after buying an additional 188 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in SouthState Bank in the second quarter worth $34,000. True Wealth Design LLC grew its stake in shares of SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after acquiring an additional 377 shares during the last quarter. Finally, Covestor Ltd increased its stake in SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after purchasing an additional 389 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $107.93 on Friday. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $108.46. The stock has a market capitalization of $10.85 billion, a price-to-earnings ratio of 13.73 and a beta of 0.74. The company has a 50 day moving average price of $97.40. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The business had revenue of $686.87 million for the quarter, compared to the consensus estimate of $667.88 million. During the same quarter in the prior year, the company earned $1.93 EPS.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Citigroup upped their price objective on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Piper Sandler decreased their target price on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Barclays upped their price objective on SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. UBS Group reduced their price target on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Finally, Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, SouthState Bank currently has a consensus rating of “Buy” and an average price target of $118.71.

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.