SouthState Bank Corporation (NYSE:SSB) Sees Large Increase in Short Interest

SouthState Bank Corporation (NYSE:SSB) saw a significant growth in short interest in January. As of January 30th, there was short interest totaling 2,377,982 shares, a growth of 22.3% from the January 15th total of 1,944,128 shares. Based on an average trading volume of 1,001,850 shares, the short-interest ratio is presently 2.4 days. Approximately 2.4% of the shares of the stock are short sold. Approximately 2.4% of the shares of the stock are short sold. Based on an average trading volume of 1,001,850 shares, the short-interest ratio is presently 2.4 days.

SouthState Bank Trading Up 1.6%

NYSE:SSB opened at $104.20 on Tuesday. The firm has a market capitalization of $10.47 billion, a P/E ratio of 13.26 and a beta of 0.74. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The company has a fifty day moving average of $99.02 and a 200 day moving average of $96.40. SouthState Bank has a 52 week low of $77.74 and a 52 week high of $108.46.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. The firm had revenue of $686.87 million for the quarter, compared to analysts’ expectations of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same quarter in the previous year, the company earned $1.93 earnings per share.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.3%. SouthState Bank’s payout ratio is 30.53%.

Institutional Trading of SouthState Bank

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Laurel Wealth Advisors LLC increased its position 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 purchasing an additional 1,420,019 shares during the period. Norges Bank purchased a new position in shares of SouthState Bank during the fourth quarter valued at about $125,940,000. AQR Capital Management LLC increased its position in shares of SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after buying an additional 889,042 shares during the period. Qube Research & Technologies Ltd bought a new position in SouthState Bank in the second quarter worth about $81,769,000. Finally, Jane Street Group LLC lifted its holdings in SouthState Bank by 810.7% in the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after buying an additional 672,721 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SSB shares. Piper Sandler dropped their price target on 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 boosted their target price on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. TD Cowen increased their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. assumed 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 on the stock. Finally, Raymond James Financial upped their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $118.71.

About SouthState Bank

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.