Boothbay Fund Management LLC Sells 18,038 Shares of SouthState Bank Corporation $SSB

Boothbay Fund Management LLC reduced its stake in SouthState Bank Corporation (NYSE:SSB) by 27.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,969 shares of the company’s stock after selling 18,038 shares during the quarter. Boothbay Fund Management LLC’s holdings in SouthState Bank were worth $4,644,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of SSB. Fort Washington Investment Advisors Inc. OH lifted its holdings in shares of SouthState Bank by 52.6% during the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after acquiring an additional 86,234 shares during the last quarter. CWM LLC increased its stake in SouthState Bank by 689.1% in the third quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after acquiring an additional 79,719 shares during the last quarter. HBK Sorce Advisory LLC increased its stake in SouthState Bank by 100.1% in the third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after acquiring an additional 16,482 shares during the last quarter. Signaturefd LLC raised its position in SouthState Bank by 101.0% during the third quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock valued at $2,478,000 after purchasing an additional 12,597 shares in the last quarter. Finally, Merit Financial Group LLC bought a new stake in SouthState Bank during the third quarter worth about $1,190,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Stock Down 0.0%

SSB opened at $90.45 on Monday. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $108.46. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03. The business’s 50-day moving average price is $100.09 and its 200-day moving average price is $96.75. The company has a market cap of $8.87 billion, a P/E ratio of 11.51 and a beta of 0.73.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.17. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The company had revenue of $686.87 million during the quarter, compared to analysts’ expectations of $667.88 million. During the same period in the prior year, the business posted $1.93 EPS.

SouthState Bank Dividend Announcement

The business also recently disclosed 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. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s dividend payout ratio is 30.53%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on SSB shares. Stephens upped their price objective on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Jefferies Financial Group boosted their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Barclays upped their target price on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Finally, 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 on the stock. Two research 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 data from MarketBeat.com, SouthState Bank has a consensus rating of “Buy” and an average price target 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.