HRT Financial LP Buys Shares of 292,261 SouthState Bank Corporation $SSB

by · The Markets Daily

HRT Financial LP purchased a new stake in SouthState Bank Corporation (NYSE:SSB – Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 292,261 shares of the company’s stock, valued at approximately $26,896,000. HRT Financial LP owned approximately 0.29% of SouthState Bank as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. LPL Financial LLC increased its position in shares of SouthState Bank by 45.1% during the first quarter. LPL Financial LLC now owns 25,664 shares of the company’s stock valued at $2,382,000 after buying an additional 7,975 shares during the period. Deutsche Bank AG grew its stake in SouthState Bank by 53.6% during the first quarter. Deutsche Bank AG now owns 129,255 shares of the company’s stock valued at $11,997,000 after acquiring an additional 45,122 shares in the last quarter. Entropy Technologies LP purchased a new stake in SouthState Bank in the 1st quarter worth approximately $251,000. HighTower Advisors LLC lifted its stake in SouthState Bank by 996.8% in the 1st quarter. HighTower Advisors LLC now owns 163,175 shares of the company’s stock worth $15,146,000 after purchasing an additional 148,298 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its holdings in SouthState Bank by 140.9% in the 1st quarter. Russell Investments Group Ltd. now owns 76,386 shares of the company’s stock valued at $7,090,000 after purchasing an additional 44,682 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

Shares of SSB opened at $95.97 on Friday. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $109.66. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a 50 day moving average price of $91.32. The stock has a market capitalization of $9.65 billion, a price-to-earnings ratio of 13.20 and a beta of 0.76.

SouthState Bank (NYSE:SSB – Get Free Report) last announced its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $660.41 million. During the same period in the previous year, the business posted $1.90 EPS.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, November 7th. SouthState Bank’s payout ratio is 33.01%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SSB shares. Zacks Research downgraded SouthState Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. National Bankshares set a $127.00 price target on SouthState Bank in a research report on Wednesday, September 24th. Barclays decreased their price objective on shares of SouthState Bank from $128.00 to $125.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Stephens dropped their target price on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Finally, TD Cowen decreased their price target on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a report on Monday, October 27th. 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $115.29.

Read Our Latest Research Report on SouthState Bank

SouthState Bank Company 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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