New York State Common Retirement Fund Acquires 8,578 Shares of SouthState Bank Corporation $SSB

New York State Common Retirement Fund increased its stake in SouthState Bank Corporation (NYSE:SSB) by 8.4% in the 3rd quarter, HoldingsChannel reports. The fund owned 110,809 shares of the company’s stock after acquiring an additional 8,578 shares during the period. New York State Common Retirement Fund’s holdings in SouthState Bank were worth $10,956,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Mather Group LLC. purchased a new position in shares of SouthState Bank in the 3rd quarter worth approximately $33,000. Global Retirement Partners LLC lifted its position in SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new stake in SouthState Bank in the second quarter worth $34,000. True Wealth Design LLC boosted its stake in SouthState Bank by 37,700.0% during the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after buying an additional 377 shares during the period. Finally, Covestor Ltd increased its position in SouthState Bank by 385.1% during the third quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after acquiring an additional 389 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $103.91 on Wednesday. The stock has a market capitalization of $10.44 billion, a price-to-earnings ratio of 13.22 and a beta of 0.74. The stock’s 50 day moving average is $96.38. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $108.18. 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 announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. The firm had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.During the same quarter in the previous year, the business earned $1.93 earnings per share.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, February 6th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.3%. SouthState Bank’s dividend payout ratio is presently 30.53%.

Wall Street Analyst Weigh In

SSB has been the topic of several recent analyst reports. Citigroup increased their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. UBS Group reduced their price objective on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Raymond James Financial boosted their target price on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. TD Cowen upped their target price on SouthState Bank from $115.00 to $120.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Finally, Piper Sandler decreased their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Two equities research 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 company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $118.29.

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.