Edgestream Partners L.P. Trims Position in SouthState Bank Corporation $SSB

Edgestream Partners L.P. trimmed its stake in SouthState Bank Corporation (NYSE:SSB) by 11.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,789 shares of the company’s stock after selling 7,061 shares during the period. Edgestream Partners L.P. owned about 0.05% of SouthState Bank worth $5,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Rise Advisors LLC purchased a new stake in shares of SouthState Bank in the first quarter valued at approximately $33,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of SouthState Bank in the 2nd quarter worth $34,000. Flaharty Asset Management LLC bought a new position in shares of SouthState Bank during the 1st quarter worth $45,000. TFC Financial Management Inc. grew its position in shares of SouthState Bank by 49,800.0% during the 2nd quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after buying an additional 498 shares in the last quarter. Finally, Summit Securities Group LLC increased its stake in shares of SouthState Bank by 81.5% during the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock valued at $64,000 after buying an additional 309 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SSB has been the subject of a number of research reports. Piper Sandler lowered their price objective on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Stephens lowered their price target on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. National Bankshares set a $127.00 price objective on shares of SouthState Bank in a report on Wednesday, September 24th. Barclays reduced their price objective on shares of SouthState Bank from $128.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Finally, DA Davidson dropped their target price on SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a research report on Friday, October 24th. Two 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, SouthState Bank currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.31.

SouthState Bank Stock Down 1.1%

NYSE:SSB opened at $89.03 on Wednesday. The stock has a market capitalization of $8.95 billion, a PE ratio of 12.25 and a beta of 0.76. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $112.21. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. The company’s 50 day moving average price is $92.32.

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

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were paid a $0.60 dividend. The ex-dividend date was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. SouthState Bank’s dividend payout ratio (DPR) is 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.