Persistent Asset Partners Ltd Reduces Stock Holdings in SouthState Bank Corporation $SSB
Persistent Asset Partners Ltd reduced its stake in SouthState Bank Corporation by 45.9% in Q2, now holding 9,390 shares worth $864,000. Other hedge funds have also adjusted their positions. Analysts have mixed ratings on SSB, with a consensus of 'Moderate Buy' and an average target price of $115.31. SSB's recent earnings beat expectations, and the company announced a quarterly dividend of $0.60 per share.
Persistent Asset Partners Ltd reduced its position in SouthState Bank Corporation (NYSE:SSB - Free Report) by 45.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,390 shares of the company's stock after selling 7,955 shares during the quarter. Persistent Asset Partners Ltd's holdings in SouthState Bank were worth $864,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently made changes to their positions in SSB. Stephens Inc. AR grew its stake in shares of SouthState Bank by 126.8% during the 1st quarter. Stephens Inc. AR now owns 4,654 shares of the company's stock worth $432,000 after acquiring an additional 2,602 shares during the period. Larson Financial Group LLC lifted its holdings in SouthState Bank by 22,885.7% during the first quarter. Larson Financial Group LLC now owns 1,609 shares of the company's stock valued at $149,000 after purchasing an additional 1,602 shares during the last quarter. Verdence Capital Advisors LLC bought a new position in SouthState Bank during the first quarter worth about $388,000. Forum Financial Management LP increased its stake in shares of SouthState Bank by 36.5% in the first quarter. Forum Financial Management LP now owns 3,568 shares of the company's stock worth $331,000 after purchasing an additional 955 shares in the last quarter. Finally, Calton & Associates Inc. purchased a new position in shares of SouthState Bank in the first quarter worth about $429,000. 89.76% of the stock is currently owned by institutional investors.
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Wall Street Analyst Weigh In
A number of analysts recently commented on SSB shares. Hovde Group upped their price target on shares of SouthState Bank from $97.00 to $105.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. Cowen assumed coverage on shares of SouthState Bank in a report on Wednesday, September 24th. They set a "buy" rating on the stock. Piper Sandler cut their price target on SouthState Bank from $121.00 to $118.00 and set an "overweight" rating for the company in a report on Monday, October 27th. DA Davidson decreased their price objective on SouthState Bank from $117.00 to $112.00 and set a "buy" rating on the stock in a research note on Friday, October 24th. Finally, UBS Group dropped their price objective on SouthState Bank from $125.00 to $120.00 and set a "buy" rating on the stock in a report on Wednesday, November 5th. Two research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $115.31.
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SouthState Bank Trading Down 0.5%
SSB stock opened at $88.82 on Friday. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $114.26. The company has a market capitalization of $8.93 billion, a PE ratio of 12.22 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a 50 day moving average of $95.49.
SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings data 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. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The firm had revenue of $698.78 million for the quarter, compared to analysts' expectations of $660.41 million. During the same quarter last year, the company posted $1.90 EPS.
SouthState Bank Announces Dividend
The company also recently disclosed 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 annualized dividend and a dividend yield of 2.7%. SouthState Bank's dividend payout ratio is 33.01%.
Insider Buying and Selling at SouthState Bank
In related news, insider Daniel E. Bockhorst sold 5,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the sale, the insider owned 31,785 shares in the company, valued at $3,165,786. The trade was a 13.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.70% of the company's stock.
SouthState Bank Profile
(Free Report)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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