Merit Financial Group LLC Takes Position in SouthState Bank Corporation $SSB

Merit Financial Group LLC bought a new position in SouthState Bank Corporation (NYSE:SSB) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 6,017 shares of the company’s stock, valued at approximately $595,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Southeast Asset Advisors LLC bought a new stake in SouthState Bank during the third quarter valued at about $213,000. Vanguard Group Inc. grew its stake in shares of SouthState Bank by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock valued at $1,065,367,000 after acquiring an additional 130,358 shares during the period. Northwestern Mutual Investment Management Company LLC increased its holdings in SouthState Bank by 2.6% in the 3rd quarter. Northwestern Mutual Investment Management Company LLC now owns 22,559 shares of the company’s stock worth $2,230,000 after acquiring an additional 579 shares in the last quarter. JPMorgan Chase & Co. raised its stake in SouthState Bank by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after acquiring an additional 16,974 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in SouthState Bank by 28.6% during the third quarter. PNC Financial Services Group Inc. now owns 19,524 shares of the company’s stock valued at $1,930,000 after purchasing an additional 4,337 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $103.61 on Friday. The firm has a market cap of $10.41 billion, a PE ratio of 13.18 and a beta of 0.74. The stock has a 50 day moving average of $99.60 and a 200 day moving average of $96.58. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $108.46.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.30 by $0.17. The business had revenue of $686.87 million for 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 firm earned $1.93 EPS.

SouthState Bank Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on SSB shares. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Stephens upped their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. UBS Group decreased their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. DA Davidson upped their price objective on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, February 5th. Finally, Jefferies Financial Group increased their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $118.71.

About SouthState Bank

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.