Holocene Advisors LP Acquires 159,257 Shares of SouthState Bank Corporation $SSB

Holocene Advisors LP boosted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 34.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 624,573 shares of the company’s stock after buying an additional 159,257 shares during the quarter. Holocene Advisors LP’s holdings in SouthState Bank were worth $61,752,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Sheets Smith Wealth Management lifted its holdings in SouthState Bank by 1.7% during the third quarter. Sheets Smith Wealth Management now owns 6,456 shares of the company’s stock worth $638,000 after buying an additional 111 shares during the period. Blue Trust Inc. increased its holdings in shares of SouthState Bank by 11.2% in the 3rd quarter. Blue Trust Inc. now owns 1,102 shares of the company’s stock valued at $109,000 after acquiring an additional 111 shares during the period. B. Riley Wealth Advisors Inc. raised its position in shares of SouthState Bank by 4.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock worth $245,000 after acquiring an additional 115 shares in the last quarter. Independent Advisor Alliance raised its position in shares of SouthState Bank by 0.5% in the 3rd quarter. Independent Advisor Alliance now owns 28,291 shares of the company’s stock worth $2,797,000 after acquiring an additional 150 shares in the last quarter. Finally, Keybank National Association OH lifted its stake in shares of SouthState Bank by 2.7% during the 3rd quarter. Keybank National Association OH now owns 5,690 shares of the company’s stock worth $563,000 after purchasing an additional 150 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Performance

Shares of SSB opened at $90.49 on Tuesday. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a 50-day moving average of $99.99 and a two-hundred day moving average of $96.67. The stock has a market cap of $8.87 billion, a P/E ratio of 11.51 and a beta of 0.73. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $108.46.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $667.88 million. During the same period in the prior year, the company earned $1.93 earnings per share.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were given 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 2.7%. SouthState Bank’s dividend payout ratio is currently 30.53%.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of recent research reports. Jefferies Financial Group raised their price objective on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Barclays increased their price target on shares of SouthState Bank from $122.00 to $126.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. DA Davidson raised their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 5th. Raymond James Financial lifted 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. Finally, 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. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, SouthState Bank has an average rating of “Buy” and an average price target 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.