Fort Washington Investment Advisors Inc. OH Cuts Stock Position in SouthState Bank Corporation $SSB

Fort Washington Investment Advisors Inc. OH decreased its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 13.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,925 shares of the company’s stock after selling 33,158 shares during the quarter. Fort Washington Investment Advisors Inc. OH owned about 0.22% of SouthState Bank worth $20,415,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Jane Street Group LLC raised its position in SouthState Bank by 4.6% in the first quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after purchasing an additional 3,678 shares during the period. Cetera Investment Advisers boosted its position in shares of SouthState Bank by 3.5% in the second quarter. Cetera Investment Advisers now owns 14,242 shares of the company’s stock worth $1,311,000 after buying an additional 486 shares during the period. Legal & General Group Plc grew its stake in shares of SouthState Bank by 3.5% in the second quarter. Legal & General Group Plc now owns 164,521 shares of the company’s stock valued at $15,140,000 after buying an additional 5,633 shares in the last quarter. Steward Partners Investment Advisory LLC acquired a new stake in shares of SouthState Bank in the second quarter valued at about $34,000. Finally, J.W. Cole Advisors Inc. purchased a new stake in shares of SouthState Bank during the 2nd quarter valued at about $423,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. TD Cowen boosted their price target on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. assumed coverage on shares of SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 price objective on the stock. Barclays boosted their target price 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. Raymond James Financial upped their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Finally, Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued 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 price target of $119.07.

SouthState Bank Stock Down 2.5%

NYSE:SSB opened at $89.62 on Friday. 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 company has a market capitalization of $8.79 billion, a price-to-earnings ratio of 11.40 and a beta of 0.73. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $108.46. The stock has a 50-day simple moving average of $98.68 and a 200 day simple moving average of $96.00.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, January 22nd. The company reported $2.47 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 company had revenue of $686.87 million for the quarter, compared to the consensus estimate of $667.88 million. During the same quarter last year, the business posted $1.93 EPS.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were issued 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%.

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.