Hsbc Holdings PLC Lowers Stake in SouthState Bank Corporation $SSB

Hsbc Holdings PLC lessened its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 68.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,799 shares of the company’s stock after selling 79,948 shares during the quarter. Hsbc Holdings PLC’s holdings in SouthState Bank were worth $3,465,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SSB. Measured Wealth Private Client Group LLC purchased a new stake in shares of SouthState Bank during the 3rd quarter worth $51,000. Danske Bank A S purchased a new position in SouthState Bank in the third quarter valued at about $59,000. Harbour Investments Inc. bought a new position in SouthState Bank in the fourth quarter worth about $68,000. Torren Management LLC bought a new position in SouthState Bank in the fourth quarter worth about $69,000. Finally, Johnson Financial Group Inc. purchased a new stake in shares of SouthState Bank during the third quarter valued at about $72,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SSB has been the topic of a number of analyst reports. Truist Financial cut their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. DA Davidson reissued a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. TD Cowen lowered their target price on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research note on Monday, April 27th. JPMorgan Chase & Co. lifted their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday, May 21st. Finally, Hovde Group upped their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, SouthState Bank has a consensus rating of “Buy” and a consensus price target of $118.23.

SouthState Bank Stock Performance

SSB opened at $101.28 on Monday. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The company has a market cap of $9.89 billion, a P/E ratio of 10.93 and a beta of 0.70. The firm’s 50-day moving average price is $96.16 and its 200-day moving average price is $97.01.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period last year, the firm posted $0.87 EPS. As a group, equities analysts anticipate that SouthState Bank Corporation will post 9.5 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is currently 25.89%.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the sale, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

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.