SouthState Bank Corporation $SSB Stock Position Trimmed by Capital Research Global Investors

Key Points

• Capital Research Global Investors trimmed its stake in SouthState Bank by 1.6% in Q3, selling 27,923 shares and now holds 1,671,501 shares worth about $165.3 million (roughly 1.66% of the company).
• Wall Street is largely bullish on SSB — the stock carries an average "Buy" rating with an average price target of $118.71 after several firms raised coverage or lifted targets recently.
• SouthState beat expectations last quarter with EPS of $2.47 vs. $2.30 estimated and revenue of $686.9M, and it pays a $0.60 quarterly dividend ($2.40 annualized, ~2.6% yield).

Capital Research Global Investors decreased its position in SouthState Bank Corporation (NYSE:SSB - Free Report) by 1.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,671,501 shares of the company's stock after selling 27,923 shares during the period. Capital Research Global Investors owned approximately 1.66% of SouthState Bank worth $165,261,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in SSB. Mather Group LLC. bought a new stake in shares of SouthState Bank during the third quarter valued at approximately $33,000. Steward Partners Investment Advisory LLC acquired a new stake in SouthState Bank in the 2nd quarter valued at approximately $34,000. Global Retirement Partners LLC increased its position in SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company's stock valued at $36,000 after acquiring an additional 188 shares during the period. True Wealth Design LLC raised its stake in SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company's stock valued at $37,000 after acquiring an additional 377 shares in the last quarter. Finally, Covestor Ltd raised its stake in SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company's stock valued at $49,000 after acquiring an additional 389 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Jefferies Financial Group increased their price target on SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, February 2nd. DA Davidson lifted 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. JPMorgan Chase & Co. assumed coverage on shares of SouthState Bank in a report on Friday, December 12th. They issued an "overweight" rating and a $115.00 price objective for the company. TD Cowen increased their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the company a "buy" rating in a research report on Monday, January 26th. Finally, Barclays boosted their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an "overweight" rating in a research report on Monday, January 26th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $118.71.

SouthState Bank Price Performance

NYSE SSB opened at $91.73 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. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $108.46. The company has a market cap of $9.00 billion, a PE ratio of 11.67 and a beta of 0.73. The stock's 50-day moving average price is $100.24 and its two-hundred day moving average price is $96.91.

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

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, February 6th. SouthState Bank's payout ratio is presently 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.

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