Daytona Street Capital LLC Invests $1.05 Million in SouthState Bank Corporation $SSB

Daytona Street Capital LLC bought a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 11,200 shares of the company’s stock, valued at approximately $1,054,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in SSB. AQR Capital Management LLC increased its position in shares of SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after purchasing an additional 889,042 shares in the last quarter. Qube Research & Technologies Ltd acquired a new stake in shares of SouthState Bank during the second quarter worth about $81,769,000. Jane Street Group LLC increased its position in shares of SouthState Bank by 810.7% during the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after purchasing an additional 672,721 shares in the last quarter. Invesco Ltd. increased its position in shares of SouthState Bank by 90.8% during the second quarter. Invesco Ltd. now owns 1,173,003 shares of the company’s stock worth $107,951,000 after purchasing an additional 558,252 shares in the last quarter. Finally, Verition Fund Management LLC increased its position in shares of SouthState Bank by 426.9% during the third quarter. Verition Fund Management LLC now owns 380,598 shares of the company’s stock worth $37,630,000 after purchasing an additional 308,362 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SSB. Stephens lifted their target price on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Raymond James Financial raised their price target on SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a report on Wednesday, January 7th. DA Davidson raised their price target on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. TD Cowen raised their price target 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 on the stock in a report on Thursday, March 19th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Performance

NYSE SSB opened at $94.11 on Tuesday. 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 Corporation has a 52-week low of $77.74 and a 52-week high of $108.46. The business’s 50-day moving average price is $97.91 and its 200 day moving average price is $95.57. The firm has a market cap of $9.23 billion, a P/E ratio of 11.97 and a beta of 0.75.

SouthState Bank (NYSE:SSB) last released its quarterly 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 for the quarter, compared to analyst estimates of $667.88 million. During the same quarter last year, the company posted $1.93 earnings per share.

SouthState Bank Announces Dividend

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