17,171 Shares in SouthState Bank Corporation $SSB Purchased by Assenagon Asset Management S.A.

Assenagon Asset Management S.A. purchased a new position in SouthState Bank Corporation (NYSE:SSB) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 17,171 shares of the company’s stock, valued at approximately $1,698,000.

Other large investors also recently modified their holdings of the company. Laurel Wealth Advisors LLC raised its stake in SouthState Bank by 9,074.2% during the second quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after acquiring an additional 1,420,019 shares in the last quarter. Norges Bank acquired a new stake in shares of SouthState Bank during the 2nd quarter worth about $109,029,000. Qube Research & Technologies Ltd bought a new position in SouthState Bank during the 2nd quarter valued at about $81,769,000. Jane Street Group LLC boosted its position 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 in the last quarter. Finally, Invesco Ltd. boosted its position in SouthState Bank by 90.8% in the second quarter. Invesco Ltd. now owns 1,173,003 shares of the company’s stock valued at $107,951,000 after buying an additional 558,252 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently issued reports on SSB. National Bankshares set a $127.00 target price on shares of SouthState Bank in a research note on Wednesday, September 24th. 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 report on Wednesday, November 5th. Piper Sandler reduced their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Weiss Ratings restated a “hold (c+)” rating on shares of SouthState Bank in a report on Monday. Finally, Cowen assumed coverage on SouthState Bank in a report on Wednesday, September 24th. They issued a “buy” rating for the company. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $115.07.

SouthState Bank Price Performance

Shares of NYSE:SSB opened at $96.04 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.93. The firm has a market cap of $9.65 billion, a PE ratio of 13.21 and a beta of 0.76. The business’s 50 day simple moving average is $91.13. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $109.64.

SouthState Bank (NYSE:SSB) last posted its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. During the same period in the previous year, the firm earned $1.90 earnings per share.

SouthState Bank Announces Dividend

The business 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. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is currently 33.01%.

SouthState Bank 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.