Earnest Partners LLC Sells 61,260 Shares of SouthState Bank Corporation $SSB

Earnest Partners LLC reduced its position in SouthState Bank Corporation (NYSE:SSB) by 4.3% in the third quarter, Holdings Channel.com reports. The fund owned 1,350,348 shares of the company’s stock after selling 61,260 shares during the quarter. Earnest Partners LLC’s holdings in SouthState Bank were worth $133,509,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of SSB. Mather Group LLC. purchased a new stake in SouthState Bank in the 3rd quarter worth approximately $33,000. Global Retirement Partners LLC increased its holdings in shares of SouthState Bank by 106.8% in the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after purchasing an additional 188 shares during the period. Steward Partners Investment Advisory LLC purchased a new stake in shares of SouthState Bank in the second quarter worth $34,000. True Wealth Design LLC boosted its stake in SouthState Bank by 37,700.0% during the third quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after buying an additional 377 shares during the period. Finally, Covestor Ltd grew its position in SouthState Bank by 385.1% during the third quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after buying an additional 389 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $90.45 on Friday. The firm has a market capitalization of $8.87 billion, a PE ratio of 11.51 and a beta of 0.73. 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 12 month low of $77.74 and a 12 month high of $108.46. The business’s 50-day moving average price is $100.09 and its 200-day moving average price is $96.78.

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

SouthState Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Friday, February 6th. SouthState Bank’s payout ratio is presently 30.53%.

Analyst Upgrades and Downgrades

SSB has been the topic of several recent analyst reports. JPMorgan Chase & Co. began coverage on SouthState Bank in a report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price target on the stock. Raymond James Financial upped their price objective on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. DA Davidson lifted their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Citigroup boosted their price target on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Finally, Barclays increased their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and an average price target of $118.71.

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.