Short Interest in SouthState Bank Corporation (NYSE:SSB) Drops By 13.0%

SouthState Bank Corporation (NYSE:SSB) saw a significant decline in short interest in March. As of March 13th, there was short interest totaling 2,144,794 shares, a decline of 13.0% from the February 26th total of 2,464,529 shares. Approximately 2.2% of the shares of the stock are short sold. Based on an average daily volume of 834,089 shares, the days-to-cover ratio is presently 2.6 days.

Institutional Trading of SouthState Bank

Several hedge funds and other institutional investors have recently bought and sold shares of the company. World Investment Advisors grew its holdings in SouthState Bank by 4.6% in the fourth quarter. World Investment Advisors now owns 13,107 shares of the company’s stock valued at $1,233,000 after purchasing an additional 576 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in SouthState Bank by 195,900.0% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,960 shares of the company’s stock worth $184,000 after purchasing an additional 1,959 shares during the period. MidFirst Bank acquired a new position in shares of SouthState Bank in the 4th quarter valued at $398,000. DGS Capital Management LLC purchased a new stake in shares of SouthState Bank during the 4th quarter valued at $493,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in shares of SouthState Bank during the 4th quarter valued at $422,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Up 2.4%

SSB opened at $92.55 on Wednesday. The firm has a market cap of $9.08 billion, a P/E ratio of 11.77 and a beta of 0.73. The business’s fifty day simple moving average is $98.44 and its 200 day simple moving average is $95.78. SouthState Bank has a 52 week low of $77.74 and a 52 week high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.03.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating 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 quarter in the previous year, the company posted $1.93 EPS.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, February 6th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. SouthState Bank’s dividend payout ratio is presently 30.53%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SSB. Barclays lifted their price target on SouthState Bank from $122.00 to $126.00 and gave the stock an “overweight” rating in a research note on Monday, January 26th. DA Davidson increased their price objective on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. JPMorgan Chase & Co. started coverage on shares of SouthState Bank in a report on Friday, December 12th. They set an “overweight” rating and a $115.00 target price for the company. Raymond James Financial lifted their target price 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, Hovde Group raised shares of SouthState Bank from a “market perform” rating to an “outperform” rating and set a $110.00 price target on the stock in a report on Thursday, March 19th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $119.07.

SouthState Bank Company 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.