HBK Sorce Advisory LLC Has $3.19 Million Stock Position in SouthState Bank Corporation $SSB

Key Points

• HBK Sorce Advisory LLC more than doubled its stake in SouthState Bank, increasing holdings by 100.1% to 32,944 shares valued at about $3.19 million, while institutional investors now own roughly 89.76% of the company with large positions held by firms like Laurel Wealth, Norges Bank, Qube, Jane Street and Invesco.
• Wall Street sentiment is broadly positive — MarketBeat shows an average rating of "Moderate Buy" with an average target of $115.07 — and fundamentals are solid after a quarterly EPS beat ($2.58 vs. $2.20); the stock pays a $0.60 quarterly dividend (about a 2.5% yield).

HBK Sorce Advisory LLC lifted its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 100.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,944 shares of the company's stock after acquiring an additional 16,482 shares during the period. HBK Sorce Advisory LLC's holdings in SouthState Bank were worth $3,192,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Laurel Wealth Advisors LLC boosted its stake in SouthState Bank by 9,074.2% during 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. Norges Bank purchased a new position in shares of SouthState Bank during the second quarter valued at approximately $109,029,000. Qube Research & Technologies Ltd purchased a new position in shares of SouthState Bank during the second quarter valued at approximately $81,769,000. Jane Street Group LLC grew its holdings in SouthState Bank by 810.7% during the second quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock worth $69,548,000 after buying an additional 672,721 shares in the last quarter. Finally, Invesco Ltd. raised its position in SouthState Bank by 90.8% in the 2nd quarter. Invesco Ltd. now owns 1,173,003 shares of the company's stock valued at $107,951,000 after buying an additional 558,252 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of analyst reports. Citigroup cut their price objective on shares of SouthState Bank from $117.00 to $116.00 and set a "buy" rating on the stock in a report on Monday, October 27th. Cowen started coverage on shares of SouthState Bank in a report on Wednesday, September 24th. They set a "buy" rating on the stock. DA Davidson decreased 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 note on Friday, October 24th. UBS Group cut their target price on SouthState Bank from $125.00 to $120.00 and set a "buy" rating on the stock in a research note on Wednesday, November 5th. Finally, TD Cowen reduced their target price on SouthState Bank from $127.00 to $120.00 and set a "buy" rating for the company in a report on Monday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, SouthState Bank has an average rating of "Moderate Buy" and an average target price of $115.07.

SouthState Bank Stock Down 0.5%

SouthState Bank stock opened at $95.75 on Monday. The company's 50 day moving average is $91.29. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $109.64. The company has a market cap of $9.62 billion, a P/E ratio of 13.17 and a beta of 0.76.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, topping 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 company had revenue of $698.78 million for the quarter, compared to analysts' expectations of $660.41 million. During the same quarter in the previous year, the firm posted $1.90 EPS.

SouthState Bank Dividend Announcement

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 dividend of $0.60 per share. The ex-dividend date was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. SouthState Bank's dividend payout ratio is presently 33.01%.

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.

Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Bank Corporation (NYSE:SSB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.