Swiss National Bank Lowers Stake in SouthState Bank Corporation $SSB

Swiss National Bank lessened its holdings in SouthState Bank Corporation (NYSE:SSB) by 1.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 193,630 shares of the company’s stock after selling 2,300 shares during the period. Swiss National Bank owned about 0.19% of SouthState Bank worth $17,820,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in SouthState Bank by 31.2% in the first quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock valued at $1,028,406,000 after purchasing an additional 2,637,786 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of SouthState Bank by 34.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company’s stock valued at $422,915,000 after buying an additional 1,164,348 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of SouthState Bank by 0.3% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the company’s stock valued at $322,949,000 after buying an additional 11,728 shares in the last quarter. American Century Companies Inc. grew its stake in SouthState Bank by 14.4% in the 1st quarter. American Century Companies Inc. now owns 1,769,537 shares of the company’s stock valued at $164,249,000 after acquiring an additional 222,818 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in SouthState Bank by 38.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the company’s stock worth $133,407,000 after acquiring an additional 397,371 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analysts Set New Price Targets

SSB has been the topic of several recent analyst reports. Zacks Research downgraded shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Stephens reduced 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 report on Monday, October 27th. National Bankshares set a $127.00 price target on shares of SouthState Bank in a research note on Wednesday, September 24th. Cowen assumed coverage on SouthState Bank in a report on Wednesday, September 24th. They issued a “buy” rating on the stock. Finally, Barclays cut their price objective on SouthState Bank from $128.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $115.31.

SouthState Bank Stock Down 0.1%

Shares of SSB opened at $89.82 on Thursday. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $113.24. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The business has a fifty day moving average of $93.27. The firm has a market cap of $9.03 billion, a P/E ratio of 12.35 and a beta of 0.77.

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

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. SouthState Bank’s dividend payout ratio is 33.01%.

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.