Allspring Global Investments Holdings LLC Acquires 35,184 Shares of SouthState Bank Corporation $SSB

Allspring Global Investments Holdings LLC grew its holdings in SouthState Bank Corporation (NYSE:SSB) by 3.1% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,155,073 shares of the company’s stock after acquiring an additional 35,184 shares during the period. Allspring Global Investments Holdings LLC’s holdings in SouthState Bank were worth $108,843,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Fort Washington Investment Advisors Inc. OH lifted its position in shares of SouthState Bank by 52.6% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after buying an additional 86,234 shares during the last quarter. CWM LLC increased its holdings in shares of SouthState Bank by 689.1% during the 3rd quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after acquiring an additional 79,719 shares during the last quarter. HBK Sorce Advisory LLC increased its holdings in shares of SouthState Bank by 100.1% during the 3rd quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after acquiring an additional 16,482 shares during the last quarter. Signaturefd LLC raised its stake in shares of SouthState Bank by 101.0% in the 3rd quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock valued at $2,478,000 after acquiring an additional 12,597 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in shares of SouthState Bank by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock valued at $37,675,000 after acquiring an additional 16,974 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Trading Up 2.4%

Shares of SouthState Bank stock opened at $92.55 on Wednesday. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $108.46. The company’s fifty day simple moving average is $98.44 and its 200-day simple moving average is $95.78. The company has a market cap of $9.08 billion, a price-to-earnings ratio of 11.77 and a beta of 0.73. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03.

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 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 net margin of 21.26% and a return on equity of 10.86%. During the same period last year, the business posted $1.93 EPS.

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were given a $0.60 dividend. The ex-dividend date was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SSB shares. Raymond James Financial upped their target price on SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. Stephens lifted their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. DA Davidson boosted their price objective on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Citigroup upped their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Jefferies Financial Group lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, SouthState Bank has a consensus rating of “Buy” and a consensus price target of $119.07.

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.