Short Interest in SouthState Bank Corporation (NYSE:SSB) Drops By 21.8%

SouthState Bank Corporation (NYSE:SSB) was the target of a large decrease in short interest in the month of December. As of December 15th, there was short interest totaling 2,573,733 shares, a decrease of 21.8% from the November 30th total of 3,292,593 shares. Approximately 2.6% of the shares of the company are short sold. Based on an average daily trading volume, of 919,700 shares, the short-interest ratio is presently 2.8 days. Based on an average daily trading volume, of 919,700 shares, the short-interest ratio is presently 2.8 days. Approximately 2.6% of the shares of the company are short sold.

Wall Street Analyst Weigh In

SSB has been the topic of several recent analyst reports. UBS Group cut their target price on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Stephens cut their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Piper Sandler decreased their target price 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. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of SouthState Bank in a research report on Monday. Finally, Cowen initiated coverage on SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $115.07.

SouthState Bank Stock Down 1.1%

Shares of SSB stock traded down $1.02 during mid-day trading on Thursday, reaching $94.04. The stock had a trading volume of 599,132 shares, compared to its average volume of 769,639. SouthState Bank has a one year low of $77.74 and a one year high of $109.64. The company has a market capitalization of $9.45 billion, a price-to-earnings ratio of 12.94 and a beta of 0.76. The company has a 50 day moving average of $91.31. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last issued its earnings results on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The business had revenue of $698.78 million during the quarter, compared to analyst estimates of $660.41 million. During the same period in the prior year, the company posted $1.90 earnings per share.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is presently 33.01%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SSB. Blue Trust Inc. boosted its holdings in SouthState Bank by 12.4% during the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after purchasing an additional 109 shares in the last quarter. Sheets Smith Wealth Management boosted its stake in SouthState Bank by 1.7% in the 3rd quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock valued at $638,000 after buying an additional 111 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its position in SouthState Bank by 4.9% in the third quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after acquiring an additional 115 shares during the period. Nicholson Wealth Management Group LLC raised its stake in SouthState Bank by 1.8% during the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock worth $663,000 after acquiring an additional 125 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in shares of SouthState Bank by 14.0% during the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after acquiring an additional 134 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

About SouthState Bank

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.