HighTower Advisors LLC Acquires 26,158 Shares of SouthState Bank Corporation $SSB

HighTower Advisors LLC raised its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 16.1% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 188,644 shares of the company’s stock after purchasing an additional 26,158 shares during the period. HighTower Advisors LLC’s holdings in SouthState Bank were worth $18,651,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Mather Group LLC. bought a new position in shares of SouthState Bank during the third quarter valued at approximately $33,000. Steward Partners Investment Advisory LLC bought a new position in SouthState Bank in the 2nd quarter worth $34,000. Global Retirement Partners LLC raised its holdings in SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after purchasing an additional 188 shares in the last quarter. True Wealth Design LLC lifted its position in shares of SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock worth $37,000 after purchasing an additional 377 shares during the period. Finally, Covestor Ltd boosted its stake in shares of 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 purchasing an additional 389 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

SSB has been the subject of a number of research reports. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. TD Cowen increased their target price on SouthState Bank from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. DA Davidson lifted their price target on SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Piper Sandler reduced their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Finally, Raymond James Financial raised their price objective on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, SouthState Bank presently has a consensus rating of “Buy” and a consensus target price of $118.71.

SouthState Bank Stock Performance

SouthState Bank stock opened at $103.61 on Friday. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $108.46. 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 company has a market capitalization of $10.41 billion, a P/E ratio of 13.18 and a beta of 0.74. The stock’s 50 day moving average is $99.60 and its 200 day moving average is $96.58.

SouthState Bank (NYSE:SSB) last released 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 return on equity of 10.86% and a net margin of 21.26%.The business had revenue of $686.87 million for the quarter, compared to the consensus estimate of $667.88 million. During the same period in the previous year, the company posted $1.93 earnings per share.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were paid a $0.60 dividend. The ex-dividend date was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.3%. 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.