Louisiana State Employees Retirement System Raises Holdings in SouthState Bank Corporation $SSB

Louisiana State Employees Retirement System increased its holdings in SouthState Bank Corporation (NYSE:SSB) by 0.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 27,700 shares of the company’s stock after acquiring an additional 200 shares during the period. Louisiana State Employees Retirement System’s holdings in SouthState Bank were worth $2,549,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Alliancebernstein L.P. boosted its holdings in SouthState Bank by 44.5% in the first quarter. Alliancebernstein L.P. now owns 300,047 shares of the company’s stock valued at $27,850,000 after purchasing an additional 92,342 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in shares of SouthState Bank by 153.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the company’s stock worth $949,000 after purchasing an additional 6,196 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of SouthState Bank by 68.1% during the first quarter. GAMMA Investing LLC now owns 1,172 shares of the company’s stock worth $109,000 after purchasing an additional 475 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of SouthState Bank by 5.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,093,176 shares of the company’s stock worth $100,856,000 after purchasing an additional 51,933 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its holdings in shares of SouthState Bank by 32.1% during the first quarter. State of Alaska Department of Revenue now owns 11,492 shares of the company’s stock worth $1,066,000 after purchasing an additional 2,790 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SouthState Bank

In related news, insider Daniel E. Bockhorst sold 5,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were 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. This trade represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director G Stacy Smith acquired 2,500 shares of SouthState Bank stock in a transaction that occurred on Friday, August 1st. The stock was purchased at an average price of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director owned 39,546 shares of the company’s stock, valued at $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought a total of 8,338 shares of company stock worth $786,321 over the last 90 days. Company insiders own 1.70% of the company’s stock.

SouthState Bank Stock Down 5.0%

Shares of NYSE:SSB opened at $93.88 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market capitalization of $9.50 billion, a P/E ratio of 13.99 and a beta of 0.68. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $114.26. The firm has a 50-day moving average price of $99.02.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 24th. The company reported $2.30 EPS for the quarter, beating analysts’ consensus estimates of $2.00 by $0.30. The firm had revenue of $664.77 million during the quarter, compared to the consensus estimate of $639.47 million. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were given a $0.60 dividend. The ex-dividend date was Friday, August 8th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.54. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. SouthState Bank’s payout ratio is 35.77%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on SSB shares. Hovde Group raised their price objective on SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a report on Friday, July 25th. Cowen assumed coverage on SouthState Bank in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Barclays raised their price target on SouthState Bank from $117.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of SouthState Bank in a report on Wednesday. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $117.08.

About SouthState Bank

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.