SouthState Bank Corporation (NYSE:SSB) Short Interest Update

SouthState Bank Corporation (NYSE:SSB) was the target of a significant decline in short interest in the month of March. As of March 13th, there was short interest totaling 2,144,794 shares, a decline of 13.0% from the February 26th total of 2,464,529 shares. Approximately 2.2% of the company’s shares are sold short. Based on an average daily volume of 834,089 shares, the short-interest ratio is currently 2.6 days.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $90.38 on Tuesday. The business’s fifty day moving average price is $98.52 and its 200 day moving average price is $95.84. SouthState Bank has a twelve month low of $77.74 and a twelve month 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 0.03. The stock has a market capitalization of $8.86 billion, a P/E ratio of 11.50 and a beta of 0.73.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.30 by $0.17. The company had revenue of $686.87 million during 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 period in the prior year, the firm posted $1.93 earnings per share.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s dividend payout ratio is 30.53%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SSB. JPMorgan Chase & Co. initiated coverage on SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 target price on the stock. Raymond James Financial lifted their price target on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 7th. Barclays upped their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. TD Cowen raised their target price 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. Finally, Citigroup boosted their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and an average price target of $119.07.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Sheets Smith Wealth Management grew its stake in SouthState Bank by 1.7% during the third quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock worth $638,000 after buying an additional 111 shares during the period. Blue Trust Inc. raised its stake in shares of SouthState Bank by 11.2% in the 3rd quarter. Blue Trust Inc. now owns 1,102 shares of the company’s stock valued at $109,000 after acquiring an additional 111 shares during the period. Nicholas Hoffman & Company LLC. lifted its holdings in shares of SouthState Bank by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after acquiring an additional 111 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its holdings in shares of SouthState Bank by 4.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after acquiring an additional 115 shares in the last quarter. Finally, MML Investors Services LLC boosted its position in SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after purchasing an additional 131 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

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.