SouthState Bank Corporation $SSB Shares Sold by Aster Capital Management DIFC Ltd

Aster Capital Management DIFC Ltd lowered its stake in SouthState Bank Corporation (NYSE:SSB) by 89.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,568 shares of the company’s stock after selling 13,124 shares during the period. Aster Capital Management DIFC Ltd’s holdings in SouthState Bank were worth $155,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Laurel Wealth Advisors LLC raised its stake in SouthState Bank by 9,074.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after acquiring an additional 1,420,019 shares during the last quarter. Norges Bank acquired a new position in shares of SouthState Bank in the second quarter valued at about $109,029,000. Qube Research & Technologies Ltd purchased a new position in shares of SouthState Bank in the second quarter worth about $81,769,000. Jane Street Group LLC raised its stake in shares of SouthState Bank by 810.7% in the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after purchasing an additional 672,721 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of SouthState Bank by 90.8% during the second quarter. Invesco Ltd. now owns 1,173,003 shares of the company’s stock worth $107,951,000 after purchasing an additional 558,252 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. TD Cowen raised their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Citigroup increased their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Jefferies Financial Group boosted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. initiated coverage on shares of SouthState Bank in a report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price target on the stock. Finally, UBS Group reduced their price objective 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. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, SouthState Bank currently has a consensus rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $98.56 on Friday. The company’s fifty day moving average price is $100.18 and its 200 day moving average price is $96.97. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $108.46. The company has a market capitalization of $9.67 billion, a PE ratio of 12.54 and a beta of 0.74. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93.

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

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. SouthState Bank’s dividend payout ratio is presently 30.53%.

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.