State of New Jersey Common Pension Fund D Sells 6,379 Shares of SouthState Bank Corporation $SSB

State of New Jersey Common Pension Fund D decreased its position in shares of SouthState Bank Corporation (NYSE:SSB) by 21.6% during the 3rd quarter, HoldingsChannel reports. The fund owned 23,201 shares of the company’s stock after selling 6,379 shares during the period. State of New Jersey Common Pension Fund D’s holdings in SouthState Bank were worth $2,294,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of SSB. American Century Companies Inc. raised its position in SouthState Bank by 10.1% in the second quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock valued at $179,310,000 after purchasing an additional 178,842 shares during the last quarter. Laurel Wealth Advisors LLC increased its stake in shares of SouthState Bank by 9,074.2% in the second quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock valued at $132,125,000 after buying an additional 1,420,019 shares during the period. Westwood Holdings Group Inc. raised its holdings in SouthState Bank by 22.9% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,217,703 shares of the company’s stock valued at $112,065,000 after buying an additional 227,168 shares during the last quarter. Bank of New York Mellon Corp boosted its position in SouthState Bank by 26.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,217,267 shares of the company’s stock worth $112,025,000 after buying an additional 253,178 shares during the period. Finally, Norges Bank bought a new stake in SouthState Bank during the 2nd quarter worth approximately $109,029,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $105.46 on Monday. The business has a 50-day moving average price of $99.79 and a two-hundred day moving average price of $96.71. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $108.46. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The company has a market cap of $10.60 billion, a P/E ratio of 13.42 and a beta of 0.74.

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

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.3%. SouthState Bank’s dividend payout ratio (DPR) is 30.53%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Raymond James Financial raised their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Stephens raised their target price on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. assumed coverage on SouthState Bank in a research report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price target on the stock. Jefferies Financial Group increased their price target on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Finally, Piper Sandler cut their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $118.71.

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.