SouthState Bank Corporation (NYSE:SSB) Short Interest Update

SouthState Bank Corporation (NYSE:SSB) was the recipient of a large drop in short interest in March. As of March 13th, there was short interest totaling 2,144,794 shares, a drop of 13.0% from the February 26th total of 2,464,529 shares. Approximately 2.2% of the shares of the stock are sold short. Based on an average daily volume of 834,089 shares, the short-interest ratio is currently 2.6 days.

Analyst Ratings Changes

A number of research firms have commented on SSB. Barclays boosted their target price on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Jefferies Financial Group lifted their price target on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. TD Cowen boosted their price objective on shares of SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. DA Davidson increased their price objective on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Finally, Citigroup raised their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank presently has an average rating of “Buy” and an average price target of $119.07.

Institutional Investors Weigh In On SouthState Bank

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of SouthState Bank by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after buying an additional 161,928 shares during the period. Dimensional Fund Advisors LP grew its stake in SouthState Bank by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,729,496 shares of the company’s stock worth $445,101,000 after acquiring an additional 62,879 shares during the period. Geode Capital Management LLC grew its stake in SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after acquiring an additional 85,981 shares during the period. Invesco Ltd. raised its holdings in SouthState Bank by 3.6% in the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock valued at $155,068,000 after acquiring an additional 56,693 shares during the last quarter. Finally, Franklin Resources Inc. lifted its stake in shares of SouthState Bank by 1.0% during the 4th quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock worth $152,809,000 after purchasing an additional 15,787 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

SouthState Bank stock opened at $90.38 on Tuesday. SouthState Bank has a fifty-two week low of $77.74 and a fifty-two week high of $108.46. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 11.50 and a beta of 0.73. The stock has a fifty day moving average of $98.52 and a two-hundred day moving average of $95.84. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93.

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

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend 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%.

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.