Hsbc Holdings PLC Trims Holdings in SouthState Bank Corporation $SSB

Hsbc Holdings PLC decreased its position in shares of SouthState Bank Corporation (NYSE:SSB) by 68.5% in the fourth quarter, HoldingsChannel reports. The firm owned 36,799 shares of the company’s stock after selling 79,948 shares during the quarter. Hsbc Holdings PLC’s holdings in SouthState Bank were worth $3,465,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of SouthState Bank by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after acquiring an additional 161,928 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of SouthState Bank by 1.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,729,496 shares of the company’s stock worth $445,101,000 after purchasing an additional 62,879 shares during the last quarter. Geode Capital Management LLC lifted its position in SouthState Bank by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock valued at $175,653,000 after purchasing an additional 85,981 shares during the period. Invesco Ltd. lifted its position in SouthState Bank by 3.6% during the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock valued at $155,068,000 after purchasing an additional 56,693 shares during the period. Finally, Franklin Resources Inc. boosted its holdings in SouthState Bank by 1.0% in the fourth quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock valued at $152,809,000 after purchasing an additional 15,787 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SSB shares. Weiss Ratings downgraded SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Citigroup decreased their price objective on SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a report on Thursday. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Truist Financial dropped their target price on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Finally, TD Cowen reduced their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $118.23.

SouthState Bank Stock Down 0.1%

Shares of SSB opened at $101.28 on Monday. The firm has a market cap of $9.89 billion, a P/E ratio of 10.93 and a beta of 0.70. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46. The stock’s 50 day moving average is $96.16 and its two-hundred day moving average is $97.01. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The business had revenue of $661.70 million during the quarter, compared to the consensus estimate of $669.28 million. During the same period in the prior year, the company posted $0.87 EPS. Analysts predict that SouthState Bank Corporation will post 9.5 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a dividend of $0.60 per share. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. SouthState Bank’s dividend payout ratio is currently 25.89%.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares of the company’s stock, valued at $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

About SouthState Bank

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.