SouthState Bank Corporation $SSB Stock Holdings Lifted by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC grew its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 3.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 1,155,073 shares of the company’s stock after acquiring an additional 35,184 shares during the period. Allspring Global Investments Holdings LLC owned about 1.15% of SouthState Bank worth $108,843,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Mather Group LLC. acquired a new position in shares of SouthState Bank in the 3rd quarter valued at $33,000. Global Retirement Partners LLC raised its holdings in SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in SouthState Bank during the 2nd quarter worth about $34,000. True Wealth Design LLC lifted its stake in SouthState Bank by 37,700.0% during the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after buying an additional 377 shares in the last quarter. Finally, Covestor Ltd lifted its stake in SouthState Bank by 385.1% during 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. 89.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on SSB shares. DA Davidson lifted their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Barclays upped their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Raymond James Financial lifted their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. Hovde Group raised shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 target price on the stock in a research note on Thursday, March 19th. Finally, Citigroup increased their target price on 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 issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, SouthState Bank has an average rating of “Buy” and an average target price of $119.07.

SouthState Bank Stock Up 2.4%

SSB stock opened at $92.55 on Wednesday. The company has a 50 day moving average of $98.44 and a two-hundred day moving average of $95.78. The company has a market cap of $9.08 billion, a price-to-earnings ratio of 11.77 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 company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03.

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

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were paid a $0.60 dividend. The ex-dividend date was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. SouthState Bank’s 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.