Laurel Wealth Advisors LLC Lowers Stock Position in SouthState Bank Corporation $SSB

Laurel Wealth Advisors LLC trimmed its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 99.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,029 shares of the company’s stock after selling 1,420,639 shares during the period. Laurel Wealth Advisors LLC’s holdings in SouthState Bank were worth $1,486,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SSB. Mather Group LLC. acquired a new stake in SouthState Bank in the third quarter valued at $33,000. Steward Partners Investment Advisory LLC purchased a new stake in SouthState Bank during the second quarter worth about $34,000. Global Retirement Partners LLC grew its position in SouthState Bank by 106.8% during the third quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock worth $36,000 after buying an additional 188 shares during the period. True Wealth Design LLC lifted its position in shares of SouthState Bank by 37,700.0% during the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after acquiring an additional 377 shares during the period. Finally, Covestor Ltd boosted its stake in shares of SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after acquiring an additional 389 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Price Performance

NYSE:SSB opened at $98.56 on Monday. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $108.46. The firm has a market cap of $9.67 billion, a price-to-earnings ratio of 12.54 and a beta of 0.74. The company’s 50-day moving average is $100.18 and its two-hundred day moving average is $96.96. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.03.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 earnings per share for the quarter, beating analysts’ consensus estimates of $2.30 by $0.17. SouthState Bank had a net margin of 21.26% and a return on equity of 10.86%. The business had revenue of $686.87 million during the quarter, compared to analyst estimates of $667.88 million. During the same quarter in the previous year, the business posted $1.93 earnings per share.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, February 6th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState Bank’s payout ratio is currently 30.53%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SSB. Jefferies Financial Group lifted their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. JPMorgan Chase & Co. initiated coverage on shares of SouthState Bank in a research report on Friday, December 12th. They issued an “overweight” rating and a $115.00 price objective on the stock. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, January 26th. Raymond James Financial lifted their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, January 7th. Finally, Stephens increased their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Two 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 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.