Short Interest in SouthState Bank Corporation (NYSE:SSB) Decreases By 13.0%

SouthState Bank Corporation (NYSE:SSB) was the recipient of a significant drop in short interest during the month of March. As of March 13th, there was short interest totaling 2,144,794 shares, a drop of 13.0% from the February 26th total of 2,464,529 shares. Based on an average daily trading volume, of 834,089 shares, the days-to-cover ratio is currently 2.6 days. Currently, 2.2% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

Several research firms have commented on SSB. Raymond James Financial upped their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. TD Cowen upped their price target on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Weiss Ratings raised SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Citigroup lifted their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. Finally, DA Davidson boosted their price objective on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank has an average rating of “Buy” and an average target price of $118.71.

Institutional Investors Weigh In On SouthState Bank

Institutional investors have recently made changes to their positions in the stock. Fort Washington Investment Advisors Inc. OH grew its position in SouthState Bank by 52.6% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after buying an additional 86,234 shares during the period. CWM LLC lifted its position in shares of SouthState Bank by 689.1% during the 3rd quarter. CWM LLC now owns 91,288 shares of the company’s stock valued at $9,026,000 after acquiring an additional 79,719 shares during the period. HBK Sorce Advisory LLC boosted its stake in shares of SouthState Bank by 100.1% during the 3rd quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock worth $3,192,000 after acquiring an additional 16,482 shares in the last quarter. Signaturefd LLC boosted its stake in shares of SouthState Bank by 101.0% during the 3rd quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after acquiring an additional 12,597 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of SouthState Bank by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after acquiring an additional 16,974 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

Shares of SSB opened at $93.58 on Thursday. 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 stock’s 50 day moving average is $98.30 and its two-hundred day moving average is $95.76. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $108.46. The firm has a market capitalization of $9.18 billion, a PE ratio of 11.91 and a beta of 0.75.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The business had revenue of $686.87 million during the quarter, compared to the consensus estimate of $667.88 million. During the same period in the prior year, the business posted $1.93 EPS.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. SouthState Bank’s dividend payout ratio (DPR) 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.