Carlson Capital L.P. Sells 7,800 Shares of SouthState Bank Corporation $SSB

Carlson Capital L.P. reduced its holdings in SouthState Bank Corporation (NYSE:SSB) by 49.1% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 8,100 shares of the company’s stock after selling 7,800 shares during the quarter. SouthState Bank comprises 0.3% of Carlson Capital L.P.’s holdings, making the stock its 25th biggest holding. Carlson Capital L.P.’s holdings in SouthState Bank were worth $801,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Blue Trust Inc. raised its holdings in SouthState Bank by 12.4% during the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock worth $91,000 after acquiring an additional 109 shares in the last quarter. Sheets Smith Wealth Management increased its position in shares of SouthState Bank by 1.7% during the 3rd quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock worth $638,000 after purchasing an additional 111 shares during the last quarter. B. Riley Wealth Advisors Inc. raised its stake in shares of SouthState Bank by 4.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock worth $245,000 after purchasing an additional 115 shares in the last quarter. Nicholson Wealth Management Group LLC boosted its holdings in shares of SouthState Bank by 1.8% in the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after buying an additional 125 shares during the last quarter. Finally, Huntington National Bank grew its stake in shares of SouthState Bank by 23.9% in the second quarter. Huntington National Bank now owns 766 shares of the company’s stock valued at $70,000 after buying an additional 148 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

Shares of SSB stock opened at $107.93 on Friday. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $108.46. The company has a market cap of $10.85 billion, a P/E ratio of 13.73 and a beta of 0.74. The business’s 50-day moving average is $97.40. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08.

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

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, February 6th will be paid a $0.60 dividend. The ex-dividend date is Friday, February 6th. This represents a $2.40 annualized dividend and a yield of 2.2%. SouthState Bank’s payout ratio is 30.53%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SSB shares. Jefferies Financial Group upped their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Citigroup boosted their price objective 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. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. JPMorgan Chase & Co. assumed coverage on SouthState Bank in a report on Friday, December 12th. They set an “overweight” rating and a $115.00 price target for the company. Finally, UBS Group dropped their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Two 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’s stock. According to MarketBeat.com, SouthState Bank has an average rating of “Buy” and a consensus target price of $118.71.

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.