SouthState Bank Corporation $SSB Holdings Lowered by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans decreased its stake in SouthState Bank Corporation (NYSE:SSB) by 23.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 35,180 shares of the company’s stock after selling 10,739 shares during the quarter. Thrivent Financial for Lutherans’ holdings in SouthState Bank were worth $3,478,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Mather Group LLC. purchased a new position in shares of SouthState Bank in the third quarter worth approximately $33,000. Global Retirement Partners LLC boosted its stake in SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after purchasing an additional 188 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in SouthState Bank in the 2nd quarter worth approximately $34,000. True Wealth Design LLC grew its position in SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after purchasing an additional 377 shares in the last quarter. Finally, Covestor Ltd raised its stake in SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after purchasing an additional 389 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the subject of several recent analyst reports. Jefferies Financial Group raised their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. UBS Group dropped their target price on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Raymond James Financial increased their price target 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. Finally, Stephens boosted their price objective on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $118.71.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $107.93 on Monday. The firm has a market cap of $10.85 billion, a price-to-earnings ratio of 13.73 and a beta of 0.74. The firm’s 50-day moving average price is $97.40. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $108.46. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating the consensus estimate of $2.30 by $0.17. The firm had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. During the same quarter last year, the firm earned $1.93 earnings per share.

SouthState Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, February 6th will be issued a $0.60 dividend. The ex-dividend date is Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.2%. SouthState Bank’s dividend 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.