SouthState Bank Corporation (NYSE:SSB) Short Interest Update

SouthState Bank Corporation (NYSE:SSB) saw a large decline in short interest in December. As of December 31st, there was short interest totaling 1,912,992 shares, a decline of 25.7% from the December 15th total of 2,573,733 shares. Approximately 1.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 674,176 shares, the days-to-cover ratio is presently 2.8 days. Based on an average daily trading volume, of 674,176 shares, the days-to-cover ratio is presently 2.8 days. Approximately 1.9% of the shares of the stock are sold short.

Analysts Set New Price Targets

SSB has been the topic of several analyst reports. Cowen assumed coverage on shares of SouthState Bank in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. DA Davidson reduced their target price on SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, October 24th. TD Cowen lowered their price target on SouthState Bank from $120.00 to $115.00 and set a “buy” rating for the company in a report on Wednesday, January 7th. Raymond James Financial upped their price objective on SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of SouthState Bank in a research report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $115.07.

SouthState Bank Trading Down 0.6%

SSB traded down $0.63 on Friday, reaching $98.37. The stock had a trading volume of 614,334 shares, compared to its average volume of 549,014. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $9.89 billion, a P/E ratio of 13.53 and a beta of 0.74. SouthState Bank has a fifty-two week low of $77.74 and a fifty-two week high of $109.64. The firm’s 50-day moving average price is $93.25.

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

SouthState Bank Announces Dividend

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 dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is currently 33.01%.

Institutional Investors Weigh In On SouthState Bank

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of SouthState Bank by 1.2% in the third quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock worth $1,065,367,000 after acquiring an additional 130,358 shares during the period. Dimensional Fund Advisors LP raised its holdings in SouthState Bank by 1.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company’s stock worth $461,392,000 after purchasing an additional 84,812 shares during the last quarter. American Century Companies Inc. raised its holdings in SouthState Bank by 10.1% during the 2nd quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock worth $179,310,000 after purchasing an additional 178,842 shares during the last quarter. Invesco Ltd. lifted its position in shares of SouthState Bank by 35.6% in the 3rd quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after purchasing an additional 418,031 shares during the period. Finally, Laurel Wealth Advisors LLC boosted its stake in shares of SouthState Bank by 9,074.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock valued at $132,125,000 after purchasing an additional 1,420,019 shares during the last quarter. 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.