Hsbc Holdings PLC Has $3.46 Million Stock Holdings in SouthState Bank Corporation $SSB

Hsbc Holdings PLC decreased its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 68.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 36,799 shares of the company’s stock after selling 79,948 shares during the period. 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 large investors also recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of SouthState Bank during the fourth quarter worth $125,940,000. AQR Capital Management LLC lifted its stake in SouthState Bank by 269.4% in the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after buying an additional 889,042 shares during the period. Jane Street Group LLC lifted its stake in SouthState Bank by 810.7% in the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after buying an additional 672,721 shares during the period. Schroder Investment Management Group bought a new position in SouthState Bank during the fourth quarter worth about $43,631,000. Finally, Invesco Ltd. boosted its holdings in SouthState Bank by 35.6% during the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after buying an additional 418,031 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the firm’s 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 sale, the director directly owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on SSB shares. JPMorgan Chase & Co. boosted their target price on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Citigroup reduced their price objective on shares of SouthState Bank from $116.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, June 25th. Hovde Group boosted their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Barclays lowered their target price on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research note on Tuesday. Finally, Truist Financial cut their target price on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of “Moderate Buy” and a consensus target price of $117.50.

SouthState Bank Price Performance

Shares of SSB opened at $99.61 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a 50 day simple moving average of $96.56 and a 200 day simple moving average of $97.27. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The firm has a market capitalization of $9.73 billion, a PE ratio of 10.75 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to the consensus estimate 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 company posted $0.87 EPS. Sell-side analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio is currently 25.89%.

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.