SouthState Bank Corporation (NYSE:SSB) Short Interest Down 21.8% in December

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

Institutional Trading of SouthState Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mather Group LLC. acquired a new stake in shares of SouthState Bank during the 3rd quarter valued at $33,000. Rise Advisors LLC purchased a new position in SouthState Bank in the 1st quarter worth about $33,000. Global Retirement Partners LLC raised its holdings in SouthState Bank by 106.8% during the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in SouthState Bank during the second quarter valued at about $34,000. Finally, True Wealth Design LLC boosted its holdings in shares of SouthState Bank by 37,700.0% in the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after buying an additional 377 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Price Performance

Shares of SouthState Bank stock traded down $0.18 on Tuesday, hitting $95.10. The company had a trading volume of 546,181 shares, compared to its average volume of 875,238. SouthState Bank has a 52 week low of $77.74 and a 52 week high of $109.64. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. The stock has a market cap of $9.56 billion, a P/E ratio of 13.08 and a beta of 0.76. The business has a 50-day simple moving average of $91.30.

SouthState Bank (NYSE:SSB) last released its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, topping 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 firm had revenue of $698.78 million during the quarter, compared to the consensus estimate of $660.41 million. During the same period in the prior year, the firm posted $1.90 earnings per share.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s dividend payout ratio is presently 33.01%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Weiss Ratings reissued a “hold (c+)” rating on shares of SouthState Bank in a report on Monday. Cowen assumed coverage on SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating on the stock. UBS Group reduced their price target on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Piper Sandler lowered their price target on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Finally, TD Cowen cut their price objective on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $115.07.

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.