Citigroup Inc. Cuts Position in SouthState Bank Corporation $SSB

Citigroup Inc. lowered its holdings in SouthState Bank Corporation (NYSE:SSB) by 28.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,370 shares of the company’s stock after selling 31,965 shares during the period. Citigroup Inc. owned approximately 0.08% of SouthState Bank worth $7,847,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SSB. Mather Group LLC. acquired a new stake in SouthState Bank in the 3rd quarter valued at $33,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of SouthState Bank in the second quarter worth about $34,000. Global Retirement Partners LLC boosted its position in shares of SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares during the period. True Wealth Design LLC grew its stake in shares of SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after buying an additional 377 shares in the last quarter. Finally, Covestor Ltd raised its holdings in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after buying an additional 389 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of analyst reports. Stephens upped their price target on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. JPMorgan Chase & Co. began coverage on shares of SouthState Bank in a research note on Friday, December 12th. They issued an “overweight” rating and a $115.00 target price for the company. UBS Group lowered their price target on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Raymond James Financial lifted their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research note on Wednesday, January 7th. Finally, Jefferies Financial Group upped their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the company. According to MarketBeat, SouthState Bank presently has an average rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Performance

Shares of SSB stock opened at $98.56 on Monday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market capitalization of $9.67 billion, a price-to-earnings ratio of 12.54 and a beta of 0.74. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $108.46. The company’s 50-day simple moving average is $100.18 and its 200-day simple moving average is $96.96.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. The company 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 period in the prior year, the company earned $1.93 earnings per share.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

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.