SouthState Bank Corporation $SSB Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC trimmed its holdings in SouthState Bank Corporation (NYSE:SSB) by 22.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 63,842 shares of the company’s stock after selling 18,867 shares during the quarter. Voya Investment Management LLC’s holdings in SouthState Bank were worth $6,312,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in SSB. Alliancebernstein L.P. grew its stake in shares of SouthState Bank by 44.5% in the 1st quarter. Alliancebernstein L.P. now owns 300,047 shares of the company’s stock worth $27,850,000 after purchasing an additional 92,342 shares during the last quarter. Catalyst Funds Management Pty Ltd bought a new stake in SouthState Bank during the second quarter worth approximately $2,430,000. Norges Bank acquired a new position in SouthState Bank in the second quarter worth approximately $109,029,000. Blair William & Co. IL acquired a new position in SouthState Bank in the second quarter worth approximately $252,000. Finally, Teacher Retirement System of Texas increased its holdings in shares of SouthState Bank by 10.9% in the second quarter. Teacher Retirement System of Texas now owns 22,299 shares of the company’s stock valued at $2,052,000 after buying an additional 2,193 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

NYSE:SSB opened at $96.25 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $109.64. The firm’s 50-day simple moving average is $91.12. The stock has a market cap of $9.67 billion, a PE ratio of 13.24 and a beta of 0.76.

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

SouthState Bank Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SSB. Cowen began coverage on SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Stephens cut their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. UBS Group decreased their target price 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. 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 research report on Monday, October 27th. Finally, JPMorgan Chase & Co. began coverage on shares of SouthState Bank in a report on Friday, December 12th. They set an “overweight” rating and a $115.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.07.

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.