SouthState Bank Corporation (NYSE:SSB) Short Interest Down 25.7% in December

SouthState Bank Corporation (NYSE:SSB) was the target of a significant decrease in short interest in the month of December. As of December 31st, there was short interest totaling 1,912,992 shares, a decrease of 25.7% from the December 15th total of 2,573,733 shares. Currently, 1.9% of the shares of the company are sold short. Based on an average daily volume of 674,176 shares, the short-interest ratio is currently 2.8 days. Based on an average daily volume of 674,176 shares, the short-interest ratio is currently 2.8 days. Currently, 1.9% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Raymond James Financial upped their target price on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research report on Wednesday, January 7th. Weiss Ratings restated a “hold (c+)” rating on shares of SouthState Bank in a research note on Monday, December 29th. Piper Sandler cut their price objective on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. DA Davidson reduced their target price on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a report on Friday, October 24th. Finally, Cowen began coverage on shares of SouthState Bank in a report on Wednesday, September 24th. They issued a “buy” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $115.07.

SouthState Bank Trading Down 0.6%

Shares of SouthState Bank stock traded down $0.63 during trading hours on Monday, reaching $98.37. The stock had a trading volume of 614,334 shares, compared to its average volume of 508,868. The company’s 50 day simple moving average is $93.44. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank has a twelve month low of $77.74 and a twelve month high of $109.64. The stock has a market cap of $9.89 billion, a price-to-earnings ratio of 13.53 and a beta of 0.74.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.38. The firm had revenue of $698.78 million during the quarter, compared to analyst estimates of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same quarter in the previous year, the business earned $1.90 EPS.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were given a dividend of $0.60 per share. The ex-dividend date was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is 33.01%.

Institutional Investors Weigh In On SouthState Bank

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in SouthState Bank by 1.2% during the third quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock valued at $1,065,367,000 after purchasing an additional 130,358 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of SouthState Bank by 1.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company’s stock worth $461,392,000 after purchasing an additional 84,812 shares during the last quarter. American Century Companies Inc. lifted its stake in SouthState Bank by 10.1% in the 2nd quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock valued at $179,310,000 after buying an additional 178,842 shares in the last quarter. Invesco Ltd. boosted its holdings in SouthState Bank by 35.6% in the 3rd quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after buying an additional 418,031 shares during the last quarter. Finally, Laurel Wealth Advisors LLC boosted its holdings in SouthState Bank by 9,074.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after buying an additional 1,420,019 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

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.