Bank of New York Mellon Corp Cuts Position in SouthState Bank Corporation $SSB

Bank of New York Mellon Corp lowered its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 13.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 1,054,721 shares of the company’s stock after selling 162,546 shares during the period. Bank of New York Mellon Corp’s holdings in SouthState Bank were worth $104,280,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. Blue Trust Inc. raised its stake in SouthState Bank by 12.4% in the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after acquiring an additional 109 shares during the period. Sheets Smith Wealth Management lifted its position in shares of 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 acquiring an additional 111 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in shares of SouthState Bank by 4.9% in the third 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 during the period. Nicholson Wealth Management Group LLC grew its position in shares of SouthState Bank by 1.8% in the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after purchasing an additional 125 shares in the last quarter. Finally, Huntington National Bank raised its stake in shares of SouthState Bank by 23.9% during the 2nd quarter. Huntington National Bank now owns 766 shares of the company’s stock valued at $70,000 after purchasing an additional 148 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Citigroup raised their target price on SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. DA Davidson boosted their price objective on shares of SouthState Bank from $112.00 to $119.00 and gave the company 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. UBS Group cut their price target on shares of SouthState Bank from $125.00 to $120.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Finally, Piper Sandler lowered their price objective on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $117.21.

SouthState Bank Stock Down 0.4%

SSB opened at $102.33 on Monday. The company has a fifty day moving average price of $95.78. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $108.18. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $10.29 billion, a PE ratio of 13.02 and a beta of 0.74.

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

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, February 6th will be paid a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, February 6th. This represents a $2.40 annualized dividend and a dividend yield of 2.3%. SouthState Bank’s dividend payout ratio (DPR) is 30.53%.

SouthState Bank 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.