292,261 Shares in SouthState Bank Corporation $SSB Purchased by HRT Financial LP

HRT Financial LP purchased a new stake in shares of SouthState Bank Corporation (NYSE:SSB) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 292,261 shares of the company’s stock, valued at approximately $26,896,000.

Other large investors have also recently made changes to their positions in the company. Hudson Bay Capital Management LP purchased a new position in shares of SouthState Bank during the second quarter valued at approximately $1,447,000. Gallagher Fiduciary Advisors LLC lifted its stake in SouthState Bank by 35.8% in the second quarter. Gallagher Fiduciary Advisors LLC now owns 10,432 shares of the company’s stock worth $960,000 after acquiring an additional 2,752 shares during the period. Engineers Gate Manager LP bought a new stake in SouthState Bank in the second quarter valued at $2,946,000. Cubist Systematic Strategies LLC purchased a new position in SouthState Bank during the 2nd quarter valued at $12,960,000. Finally, Curi Capital LLC raised its holdings in SouthState Bank by 74.6% in the 2nd quarter. Curi Capital LLC now owns 37,378 shares of the company’s stock worth $3,440,000 after purchasing an additional 15,972 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SSB. TD Cowen cut their target price on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a research report on Monday. Citigroup cut their price target on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. DA Davidson reduced their price objective on SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a report on Friday, October 24th. Finally, National Bankshares set a $127.00 price target on shares of SouthState Bank in a research report on Wednesday, September 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.29.

SouthState Bank Trading Up 0.9%

NYSE SSB opened at $95.97 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.93. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $109.66. The company has a market cap of $9.65 billion, a PE ratio of 13.20 and a beta of 0.76. The business’s 50 day moving average price is $91.32.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.38. The firm had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. During the same period in the prior year, the company posted $1.90 earnings per share.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is currently 33.01%.

SouthState Bank Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.