State of New Jersey Common Pension Fund D Sells 6,379 Shares of SouthState Bank Corporation $SSB

State of New Jersey Common Pension Fund D cut its position in SouthState Bank Corporation (NYSE:SSB) by 21.6% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,201 shares of the company’s stock after selling 6,379 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in SouthState Bank were worth $2,294,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Mather Group LLC. bought a new stake in shares of SouthState Bank in the third quarter valued at about $33,000. Steward Partners Investment Advisory LLC acquired a new position in shares of SouthState Bank during the 2nd quarter worth approximately $34,000. Global Retirement Partners LLC increased its holdings in shares of SouthState Bank by 106.8% during the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after purchasing an additional 188 shares during the period. True Wealth Design LLC increased its holdings in shares of SouthState Bank by 37,700.0% during the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after purchasing an additional 377 shares during the period. Finally, Covestor Ltd raised its position in shares of SouthState Bank by 385.1% in the third quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after buying an additional 389 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on SSB shares. JPMorgan Chase & Co. began coverage on SouthState Bank in a research report on Friday, December 12th. They set an “overweight” rating and a $115.00 price target on the stock. DA Davidson increased their target price on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Barclays upped their price objective on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Finally, TD Cowen raised their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $118.71.

SouthState Bank Price Performance

Shares of SSB stock opened at $105.46 on Monday. The business has a fifty day simple moving average of $99.79 and a 200 day simple moving average of $96.71. The company has a market cap of $10.60 billion, a P/E ratio of 13.42 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. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $108.46.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping 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 firm had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. During the same quarter in the previous year, the firm earned $1.93 earnings per share.

SouthState Bank Dividend Announcement

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