Country Club Bank Takes Position in SouthState Bank Corporation $SSB

Country Club Bank acquired a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 19,341 shares of the company’s stock, valued at approximately $1,921,000.

Several other large investors have also added to or reduced their stakes in SSB. Alliancebernstein L.P. boosted its position in shares of SouthState Bank by 44.5% in the first quarter. Alliancebernstein L.P. now owns 300,047 shares of the company’s stock valued at $27,850,000 after acquiring an additional 92,342 shares during the period. Catalyst Funds Management Pty Ltd purchased a new stake in SouthState Bank in the 2nd quarter worth approximately $2,430,000. Blair William & Co. IL bought a new position in SouthState Bank in the 2nd quarter valued at $252,000. Norges Bank purchased a new position in shares of SouthState Bank during the 2nd quarter valued at $109,029,000. Finally, Summit Investment Advisors Inc. grew its position in shares of SouthState Bank by 26.5% during the 1st quarter. Summit Investment Advisors Inc. now owns 29,305 shares of the company’s stock valued at $2,720,000 after purchasing an additional 6,147 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Trading Down 0.3%

Shares of SouthState Bank stock opened at $97.34 on Friday. The company has a market cap of $9.78 billion, a price-to-earnings ratio of 13.39 and a beta of 0.76. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $109.64. The firm’s 50-day moving average price is $91.11.

SouthState Bank (NYSE:SSB) last issued its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $660.41 million. During the same quarter in the prior year, the firm earned $1.90 earnings per share.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio is 33.01%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Barclays lowered their price objective on SouthState Bank from $128.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Stephens lowered their price target on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. UBS Group dropped their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Cowen began coverage on shares of SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. Finally, TD Cowen lowered their target price on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.29.

SouthState Bank Profile

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.