Merit Financial Group LLC Makes New Investment in SouthState Bank Corporation $SSB

Merit Financial Group LLC acquired a new stake in shares of SouthState Bank Corporation (NYSE:SSB) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 12,034 shares of the company’s stock, valued at approximately $1,190,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC bought a new stake in SouthState Bank in the 2nd quarter valued at about $34,000. Flaharty Asset Management LLC acquired a new stake in SouthState Bank in the first quarter valued at approximately $45,000. TFC Financial Management Inc. increased its holdings in shares of 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 acquiring an additional 498 shares in the last quarter. Bayforest Capital Ltd raised its position in shares of SouthState Bank by 253.3% during the first quarter. Bayforest Capital Ltd now owns 756 shares of the company’s stock worth $70,000 after purchasing an additional 542 shares during the period. Finally, Huntington National Bank lifted its holdings in shares of SouthState Bank by 23.9% in the 2nd quarter. Huntington National Bank now owns 766 shares of the company’s stock worth $70,000 after purchasing an additional 148 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on SSB shares. JPMorgan Chase & Co. started coverage on shares of SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 price target for the company. UBS Group decreased their target price on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Piper Sandler dropped their price target on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Stephens decreased their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a report on Monday, October 27th. Finally, Cowen began coverage on SouthState Bank in a report on Wednesday, September 24th. They issued a “buy” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $115.07.

SouthState Bank Stock Performance

Shares of SSB stock opened at $95.60 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The company has a market cap of $9.61 billion, a P/E ratio of 13.15 and a beta of 0.74. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $109.64. The stock has a 50-day moving average price of $91.57.

SouthState Bank (NYSE:SSB) last announced 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. The firm had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same quarter in the previous year, the business earned $1.90 EPS.

SouthState Bank Dividend Announcement

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

SouthState Bank Company 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.