Laurel Wealth Advisors LLC Acquires 1,420,019 Shares of SouthState Bank Corporation $SSB

Laurel Wealth Advisors LLC boosted its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 9,074.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,435,668 shares of the company's stock after buying an additional 1,420,019 shares during the quarter. Laurel Wealth Advisors LLC owned about 1.42% of SouthState Bank worth $132,125,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC bought a new position in shares of SouthState Bank in the 2nd quarter valued at approximately $34,000. Jefferies Financial Group Inc. grew its holdings in SouthState Bank by 748.3% during the second quarter. Jefferies Financial Group Inc. now owns 25,864 shares of the company's stock valued at $2,380,000 after purchasing an additional 22,815 shares during the last quarter. American Century Companies Inc. raised its position in shares of SouthState Bank by 10.1% in the second quarter. American Century Companies Inc. now owns 1,948,379 shares of the company's stock valued at $179,310,000 after purchasing an additional 178,842 shares during the period. Segall Bryant & Hamill LLC lifted its stake in shares of SouthState Bank by 6.6% in the second quarter. Segall Bryant & Hamill LLC now owns 647,578 shares of the company's stock worth $59,597,000 after buying an additional 40,084 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of SouthState Bank by 3.5% during the 2nd quarter. Legal & General Group Plc now owns 164,521 shares of the company's stock worth $15,140,000 after buying an additional 5,633 shares during the period. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Bank Trading Down 0.8%

SSB opened at $87.34 on Tuesday. The company's 50 day moving average price is $93.70. 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 $8.78 billion, a PE ratio of 12.01 and a beta of 0.77. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $114.26.

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

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank's payout ratio is presently 33.01%.

Wall Street Analyst Weigh In

Several brokerages recently commented on SSB. Piper Sandler dropped their target price on shares of SouthState Bank from $121.00 to $118.00 and set an "overweight" rating on the stock in a report on Monday, October 27th. Stephens dropped their price objective on SouthState Bank from $115.00 to $110.00 and set an "overweight" rating on the stock in a research note on Monday, October 27th. DA Davidson decreased their target price on SouthState Bank from $117.00 to $112.00 and set a "buy" rating for the company in a research note on Friday, October 24th. Zacks Research downgraded SouthState Bank from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Finally, TD Cowen lowered their price objective on shares of SouthState Bank from $127.00 to $120.00 and set a "buy" rating on the stock in a research note on Monday, October 27th. Two research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.31.

Read Our Latest Report on SSB

SouthState Bank Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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