KBC Group NV Sells 1,948 Shares of SouthState Bank Corporation $SSB

KBC Group NV decreased its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 44.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,400 shares of the company’s stock after selling 1,948 shares during the period. KBC Group NV’s holdings in SouthState Bank were worth $221,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in SouthState Bank by 31.2% during the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock worth $1,028,406,000 after acquiring an additional 2,637,786 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of SouthState Bank by 34.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company’s stock valued at $422,915,000 after purchasing an additional 1,164,348 shares in the last quarter. Nuveen LLC purchased a new position in SouthState Bank during the first quarter worth about $62,230,000. FJ Capital Management LLC grew its position in SouthState Bank by 286.3% in the 1st quarter. FJ Capital Management LLC now owns 556,226 shares of the company’s stock worth $51,629,000 after purchasing an additional 412,242 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in SouthState Bank by 38.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the company’s stock valued at $133,407,000 after buying an additional 397,371 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Daniel E. Bockhorst sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the sale, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. This represents a 13.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SSB. Citigroup cut their target price on SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Stephens cut their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Barclays reduced their price objective on SouthState Bank from $128.00 to $125.00 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. National Bankshares set a $127.00 target price on SouthState Bank in a research note on Wednesday, September 24th. Finally, TD Cowen reduced their price target on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 27th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $115.31.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $86.21 on Wednesday. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $114.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. The company’s fifty day moving average price is $94.86. The stock has a market cap of $8.67 billion, a PE ratio of 11.86 and a beta of 0.77.

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

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, November 7th were paid a $0.60 dividend. The ex-dividend date was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.8%. SouthState Bank’s dividend payout ratio (DPR) is presently 33.01%.

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.