Oliver Luxxe Assets LLC Makes New Investment in SouthState Bank Corporation $SSB

Oliver Luxxe Assets LLC bought a new stake in SouthState Bank Corporation (NYSE:SSB) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 18,601 shares of the company’s stock, valued at approximately $1,839,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of SSB. Laurel Wealth Advisors LLC grew its stake in SouthState Bank by 9,074.2% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock valued at $132,125,000 after acquiring an additional 1,420,019 shares in the last quarter. Norges Bank acquired a new position in shares of SouthState Bank during the 2nd quarter worth approximately $109,029,000. Qube Research & Technologies Ltd acquired a new position in shares of SouthState Bank during the 2nd quarter worth approximately $81,769,000. Jane Street Group LLC grew its position in shares of 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 purchasing an additional 672,721 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of 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 purchasing an additional 558,252 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

Shares of SSB stock opened at $97.64 on Monday. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $109.64. The stock has a market capitalization of $9.81 billion, a price-to-earnings ratio of 13.43 and a beta of 0.74. The stock’s 50-day moving average is $92.27. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

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

SouthState Bank Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have weighed in on SSB. Raymond James Financial boosted their price objective on SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, January 7th. UBS Group reduced their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. DA Davidson dropped their price objective on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a report on Friday, October 24th. TD Cowen cut their price objective on shares of SouthState Bank from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, January 7th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a research note on Monday, December 29th. Two research 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, SouthState Bank has an average rating of “Moderate Buy” and a consensus target price of $115.07.

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.