Vanguard Group Inc. Increases Stock Holdings in SouthState Bank Corporation $SSB

Vanguard Group Inc. raised its stake in SouthState Bank Corporation (NYSE:SSB) by 1.5% during the 4th quarter, HoldingsChannel reports. The firm owned 10,937,359 shares of the company’s stock after acquiring an additional 161,928 shares during the period. Vanguard Group Inc. owned 0.11% of SouthState Bank worth $1,029,315,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mather Group LLC. purchased a new position in shares of SouthState Bank in the 3rd quarter valued at approximately $33,000. Global Retirement Partners LLC grew its stake in shares of SouthState Bank by 106.8% in the 3rd quarter. Global Retirement Partners LLC now owns 364 shares of the company’s stock valued at $36,000 after purchasing an additional 188 shares during the last quarter. True Wealth Design LLC grew its stake in shares of SouthState Bank by 37,700.0% in the 3rd quarter. True Wealth Design LLC now owns 378 shares of the company’s stock valued at $37,000 after purchasing an additional 377 shares during the last quarter. Covestor Ltd grew its stake in shares of SouthState Bank by 385.1% in the 3rd quarter. Covestor Ltd now owns 490 shares of the company’s stock valued at $49,000 after purchasing an additional 389 shares during the last quarter. Finally, Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter valued at approximately $51,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SSB. Raymond James Financial raised their price target on SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a report on Wednesday, January 7th. Citigroup raised their price target on SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a report on Monday, January 26th. Jefferies Financial Group raised their price target on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, February 2nd. TD Cowen reduced their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, Stephens raised their price target on SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, SouthState Bank presently has a consensus rating of “Buy” and an average price target of $118.36.

SouthState Bank Stock Down 0.1%

SSB opened at $97.56 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. The business has a 50 day simple moving average of $95.62 and a 200-day simple moving average of $95.40. The stock has a market capitalization of $9.57 billion, a P/E ratio of 10.52 and a beta of 0.72. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same period in the previous year, the firm posted $0.87 earnings per share. On average, equities analysts anticipate that SouthState Bank Corporation will post 9.48 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Friday, May 8th will be given a $0.60 dividend. The ex-dividend date is Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is currently 25.89%.

SouthState Bank Company Profile

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.