Charles Schwab Investment Management Inc. Has $108.36 Million Stock Position in SouthState Bank Corporation $SSB

Charles Schwab Investment Management Inc. lessened its stake in SouthState Bank Corporation (NYSE:SSB) by 18.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,177,385 shares of the company’s stock after selling 259,877 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.16% of SouthState Bank worth $108,355,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Rise Advisors LLC bought a new position in SouthState Bank in the 1st quarter valued at about $33,000. Flaharty Asset Management LLC bought a new position in SouthState Bank in the first quarter valued at approximately $45,000. TFC Financial Management Inc. raised its position in SouthState Bank by 49,800.0% during the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock valued at $46,000 after purchasing an additional 498 shares in the last quarter. Summit Securities Group LLC lifted its stake in SouthState Bank by 81.5% during the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock worth $64,000 after purchasing an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its stake in SouthState Bank by 1,103.4% during the first quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock worth $64,000 after purchasing an additional 640 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SSB. Citigroup decreased their price target on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Stephens lowered their target price on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Cowen assumed coverage on shares of SouthState Bank in a report on Wednesday, September 24th. They issued a “buy” rating for the company. UBS Group decreased their price target on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Finally, Zacks Research downgraded shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $115.31.

SouthState Bank Price Performance

SouthState Bank stock opened at $89.51 on Friday. The firm has a 50 day moving average price of $92.75. The firm has a market capitalization of $9.00 billion, a P/E ratio of 12.31 and a beta of 0.77. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $112.61. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92.

SouthState Bank (NYSE:SSB) last posted its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The firm had revenue of $698.78 million for the quarter, compared to analyst estimates of $660.41 million. During the same period in the previous year, the firm posted $1.90 EPS.

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 7th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is currently 33.01%.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.