Rhumbline Advisers Decreases Position in SouthState Bank Corporation $SSB

Rhumbline Advisers lowered its position in shares of SouthState Bank Corporation (NYSE:SSB) by 17.5% in the second quarter, Holdings Channel.com reports. The fund owned 265,818 shares of the company’s stock after selling 56,233 shares during the quarter. Rhumbline Advisers’ holdings in SouthState Bank were worth $24,463,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in SSB. Rise Advisors LLC acquired a new position in SouthState Bank in the 1st quarter valued at $33,000. Flaharty Asset Management LLC acquired a new stake in shares of SouthState Bank in the first quarter valued at about $45,000. TFC Financial Management Inc. lifted its stake in shares of SouthState Bank by 49,800.0% in the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after buying an additional 498 shares in the last quarter. Summit Securities Group LLC boosted its position in SouthState Bank by 81.5% during the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock worth $64,000 after acquiring an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in SouthState Bank by 1,103.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $64,000 after acquiring an additional 640 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Trading Down 0.1%

NYSE:SSB opened at $89.82 on Thursday. The company has a fifty day moving average of $93.27. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market capitalization of $9.03 billion, a price-to-earnings ratio of 12.35 and a beta of 0.77. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $113.24.

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

SouthState Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, November 7th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is 33.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SSB shares. Piper Sandler dropped their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Barclays reduced their price target on SouthState Bank from $128.00 to $125.00 and set an “overweight” rating on the stock in a report on Tuesday, November 11th. DA Davidson cut their price objective on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Stephens dropped their price target on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research note on Monday, October 27th. Finally, TD Cowen reduced their price target on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $115.31.

SouthState Bank 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.