SouthState Bank Corporation $SSB Holdings Decreased by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its stake in SouthState Bank Corporation (NYSE:SSB) by 4.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,741,898 shares of the company’s stock after selling 80,532 shares during the quarter. Victory Capital Management Inc. owned about 1.73% of SouthState Bank worth $172,221,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SSB. Fort Washington Investment Advisors Inc. OH boosted its position in shares of SouthState Bank by 52.6% in the 3rd quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock valued at $24,723,000 after purchasing an additional 86,234 shares during the period. CWM LLC raised its holdings in SouthState Bank by 689.1% during the 3rd quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after buying an additional 79,719 shares during the period. HBK Sorce Advisory LLC lifted its stake in SouthState Bank by 100.1% during the third quarter. HBK Sorce Advisory LLC now owns 32,944 shares of the company’s stock valued at $3,192,000 after buying an additional 16,482 shares in the last quarter. Signaturefd LLC boosted its holdings in shares of SouthState Bank by 101.0% in the third quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after buying an additional 12,597 shares during the period. Finally, Merit Financial Group LLC purchased a new position in shares of SouthState Bank in the third quarter worth approximately $1,190,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SSB. JPMorgan Chase & Co. began coverage on shares of SouthState Bank in a research note on Friday, December 12th. They set an “overweight” rating and a $115.00 target price on the stock. UBS Group reduced their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Raymond James Financial lifted their target price on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Citigroup upped their target price on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Two investment 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 MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $118.71.

SouthState Bank Stock Performance

Shares of SSB stock opened at $98.75 on Wednesday. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $108.46. The stock’s 50-day moving average is $100.29 and its two-hundred day moving average is $97.00. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. The firm has a market cap of $9.68 billion, a P/E ratio of 12.56 and a beta of 0.73.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $667.88 million. During the same quarter in the previous year, the business posted $1.93 EPS.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were paid a dividend of $0.60 per share. The ex-dividend date was Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio is 30.53%.

SouthState Bank 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.