Texas Permanent School Fund Corp Sells 6,093 Shares of SouthState Bank Corporation $SSB

Texas Permanent School Fund Corp lowered its stake in SouthState Bank Corporation (NYSE:SSB) by 11.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 45,607 shares of the company’s stock after selling 6,093 shares during the period. Texas Permanent School Fund Corp’s holdings in SouthState Bank were worth $4,197,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in SSB. T. Rowe Price Investment Management Inc. boosted its holdings in SouthState Bank by 0.3% in the first quarter. T. Rowe Price Investment Management Inc. now owns 3,479,298 shares of the company’s stock worth $322,949,000 after acquiring an additional 11,728 shares in the last quarter. American Century Companies Inc. increased its holdings in shares of SouthState Bank by 10.1% during the second quarter. American Century Companies Inc. now owns 1,948,379 shares of the company’s stock valued at $179,310,000 after acquiring an additional 178,842 shares in the last quarter. Laurel Wealth Advisors LLC raised its position in shares of SouthState Bank by 9,074.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company’s stock worth $132,125,000 after purchasing an additional 1,420,019 shares during the last quarter. Northern Trust Corp raised its position in shares of SouthState Bank by 23.3% in the 1st quarter. Northern Trust Corp now owns 1,371,315 shares of the company’s stock worth $127,285,000 after purchasing an additional 259,557 shares during the last quarter. Finally, Westwood Holdings Group Inc. boosted its stake in SouthState Bank by 22.9% in the 2nd quarter. Westwood Holdings Group Inc. now owns 1,217,703 shares of the company’s stock worth $112,065,000 after purchasing an additional 227,168 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SSB shares. Cowen initiated coverage on shares of SouthState Bank in a research note on Wednesday, September 24th. They set a “buy” rating for the company. Stephens cut their price target on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Barclays reduced their price target on shares of SouthState Bank from $128.00 to $125.00 and set an “overweight” rating for the company in a research report on Tuesday, November 11th. UBS Group lowered their price objective on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, TD Cowen cut their target price on SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $115.29.

SouthState Bank Stock Down 0.3%

SSB opened at $97.34 on Friday. The stock has a market capitalization of $9.78 billion, a PE ratio of 13.39 and a beta of 0.76. The firm’s 50 day moving average is $91.11. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $109.64. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.93.

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

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s dividend payout ratio is currently 33.01%.

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.