Jain Global LLC Sells 115,298 Shares of SouthState Bank Corporation $SSB

Jain Global LLC trimmed its holdings in SouthState Bank Corporation (NYSE:SSB) by 48.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 125,153 shares of the company’s stock after selling 115,298 shares during the quarter. Jain Global LLC owned about 0.12% of SouthState Bank worth $12,374,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Laurel Wealth Advisors LLC increased its holdings in SouthState Bank by 9,074.2% in the second quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after purchasing an additional 1,420,019 shares in the last quarter. Norges Bank acquired a new stake in shares of SouthState Bank during the 2nd quarter worth approximately $109,029,000. AQR Capital Management LLC increased its stake in shares of SouthState Bank by 269.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after acquiring an additional 889,042 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of SouthState Bank in the 2nd quarter valued at $81,769,000. Finally, Jane Street Group LLC lifted its position in shares of SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after acquiring an additional 672,721 shares during the period. Institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Jefferies Financial Group increased their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. TD Cowen upped their price objective on shares of SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. JPMorgan Chase & Co. started coverage on SouthState Bank in a research note on Friday, December 12th. They issued an “overweight” rating and a $115.00 target price for the company. Finally, Stephens boosted their target price on 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 given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Performance

Shares of SSB stock opened at $90.45 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03. The firm has a fifty day simple moving average of $100.09 and a two-hundred day simple moving average of $96.75. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $108.46. The firm has a market capitalization of $8.87 billion, a PE ratio of 11.51 and a beta of 0.73.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates 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 period last year, the firm earned $1.93 earnings per share.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were paid a dividend of $0.60 per share. The ex-dividend date was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. 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.