Blue Trust Inc. Purchases 109 Shares of SouthState Bank Corporation $SSB

Blue Trust Inc. raised its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 12.4% in the 2nd quarter, HoldingsChannel reports. The firm owned 991 shares of the company’s stock after purchasing an additional 109 shares during the period. Blue Trust Inc.’s holdings in SouthState Bank were worth $91,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. IFP Advisors Inc lifted its position in SouthState Bank by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the company’s stock valued at $87,000 after purchasing an additional 117 shares during the last quarter. Nisa Investment Advisors LLC lifted its position in SouthState Bank by 5.2% during the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the company’s stock valued at $220,000 after purchasing an additional 118 shares during the last quarter. Fifth Third Bancorp lifted its position in SouthState Bank by 14.0% during the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after purchasing an additional 134 shares during the last quarter. Sheets Smith Wealth Management lifted its position in SouthState Bank by 2.3% during the second quarter. Sheets Smith Wealth Management now owns 6,345 shares of the company’s stock valued at $584,000 after purchasing an additional 140 shares during the last quarter. Finally, FourThought Financial Partners LLC lifted its position in SouthState Bank by 5.7% during the first quarter. FourThought Financial Partners LLC now owns 3,070 shares of the company’s stock valued at $285,000 after purchasing an additional 166 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. TD Cowen began coverage on shares of SouthState Bank in a research report on Thursday, September 25th. They set a “buy” rating and a $127.00 target price for the company. National Bankshares set a $127.00 price objective on shares of SouthState Bank in a report on Wednesday, September 24th. Zacks Research lowered shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. Finally, Cowen assumed coverage on shares of SouthState Bank in a report on Wednesday, September 24th. They issued a “buy” rating for the company. Three investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, SouthState Bank presently has a consensus rating of “Buy” and an average price target of $117.08.

SouthState Bank Trading Up 1.3%

Shares of SouthState Bank stock opened at $92.56 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm’s fifty day moving average is $99.24. The stock has a market cap of $9.37 billion, a P/E ratio of 13.79 and a beta of 0.68. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $114.26.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.00 by $0.30. The business had revenue of $664.77 million for 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 firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were given a $0.60 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.54. SouthState Bank’s payout ratio is currently 35.77%.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director G Stacy Smith bought 2,500 shares of SouthState Bank stock in a transaction dated Friday, August 1st. The shares were purchased at an average cost of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director directly owned 39,546 shares of the company’s stock, valued at $3,650,095.80. This represents a 6.75% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Janet P. Froetscher bought 3,338 shares of SouthState Bank stock in a transaction dated Wednesday, July 30th. The stock was acquired at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the transaction, the director directly owned 8,294 shares in the company, valued at approximately $807,089.14. This trade represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 8,338 shares of company stock valued at $786,321 in the last three months. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Company Profile

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.