JPMorgan Chase & Co. Has $37.68 Million Stock Holdings in SouthState Bank Corporation $SSB

JPMorgan Chase & Co. increased its position in SouthState Bank Corporation (NYSE:SSB) by 4.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 381,059 shares of the company’s stock after purchasing an additional 16,974 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.38% of SouthState Bank worth $37,675,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SSB. Vanguard Group Inc. boosted its stake in shares of SouthState Bank by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock valued at $1,065,367,000 after purchasing an additional 130,358 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in SouthState Bank by 1.9% in the third quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company’s stock valued at $461,392,000 after buying an additional 84,812 shares during the period. American Century Companies Inc. lifted its holdings in SouthState Bank by 10.1% in the second quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock valued at $179,310,000 after buying an additional 178,842 shares during the period. Invesco Ltd. boosted its stake in SouthState Bank by 35.6% in the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock valued at $157,306,000 after acquiring an additional 418,031 shares during the last quarter. Finally, Laurel Wealth Advisors LLC grew its holdings 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 worth $132,125,000 after acquiring an additional 1,420,019 shares during the period. 89.76% of the stock is owned by institutional investors.

SouthState Bank Trading Up 0.3%

SSB opened at $89.49 on Friday. The stock has a market capitalization of $8.78 billion, a P/E ratio of 11.39 and a beta of 0.73. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $108.46. The firm’s fifty day simple moving average is $99.36 and its 200 day simple moving average is $96.35. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03.

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

SouthState Bank Announces Dividend

The company 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 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend was Friday, February 6th. SouthState Bank’s dividend payout ratio (DPR) is currently 30.53%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on SSB. DA Davidson increased their price target on SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Stephens lifted their price objective on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. Jefferies Financial Group increased their target price on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. TD Cowen raised their target price on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Hovde Group raised SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price target for the company in a research note on Thursday. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $119.07.

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.