Carlson Capital L.P. Has $1.67 Million Stock Holdings in SouthState Bank Corporation $SSB

Carlson Capital L.P. grew its holdings in SouthState Bank Corporation (NYSE:SSB) by 86.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 18,098 shares of the company’s stock after purchasing an additional 8,398 shares during the period. Carlson Capital L.P.’s holdings in SouthState Bank were worth $1,674,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SSB. FJ Capital Management LLC lifted its stake in SouthState Bank by 54.0% in the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock valued at $76,515,000 after purchasing an additional 285,091 shares during the last quarter. NFJ Investment Group LLC acquired a new stake in shares of SouthState Bank during the 4th quarter valued at $30,930,000. Geode Capital Management LLC grew its position in SouthState Bank by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after acquiring an additional 85,981 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in SouthState Bank by 350.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after purchasing an additional 17,365 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in SouthState Bank in the 1st quarter worth about $4,898,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Barclays dropped their target price on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Piper Sandler upped their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday. Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a report on Wednesday, July 1st. Truist Financial lifted their target price on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Weiss Ratings upgraded shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $119.64.

SouthState Bank Trading Down 0.1%

NYSE SSB opened at $105.19 on Friday. The business’s 50-day moving average price is $99.18 and its two-hundred day moving average price is $98.05. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46. The firm has a market capitalization of $10.27 billion, a PE ratio of 11.06 and a beta of 0.70. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.11.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period last year, the company earned $2.30 earnings per share. On average, analysts expect that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be paid a $0.66 dividend. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is currently 25.24%.

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.