SouthState Bank Corporation $SSB Shares Sold by SouthState Bank Corp

SouthState Bank Corp cut its holdings in SouthState Bank Corporation (NYSE:SSB) by 13.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 49,148 shares of the company’s stock after selling 7,615 shares during the period. SouthState Bank Corp’s holdings in SouthState Bank were worth $4,625,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in SSB. Norges Bank acquired a new position in SouthState Bank in the fourth quarter valued at approximately $125,940,000. AQR Capital Management LLC raised its holdings in SouthState Bank by 269.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after buying an additional 889,042 shares during the period. Jane Street Group LLC boosted its stake in SouthState Bank by 810.7% during the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after buying an additional 672,721 shares during the period. Invesco Ltd. boosted its stake in SouthState Bank by 35.6% during the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after buying an additional 418,031 shares during the period. Finally, Algebris UK Ltd. boosted its stake in SouthState Bank by 199.4% during the fourth quarter. Algebris UK Ltd. now owns 522,594 shares of the company’s stock worth $49,204,000 after buying an additional 348,022 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SSB. TD Cowen lowered their target price on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Barclays lowered their target price on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Weiss Ratings lowered shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Hovde Group increased their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, Truist Financial lowered their target price on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank presently has an average rating of “Buy” and a consensus price target of $118.62.

Insider Activity

In other news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.70% of the company’s stock.

SouthState Bank Stock Up 0.5%

Shares of SSB opened at $95.42 on Friday. The stock has a market capitalization of $9.32 billion, a PE ratio of 10.29 and a beta of 0.70. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $108.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The company’s 50-day simple moving average is $95.31 and its 200-day simple moving average is $96.05.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results 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 business had revenue of $661.70 million for the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the prior year, the company earned $0.87 earnings per share. Analysts forecast that SouthState Bank Corporation will post 9.49 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio 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.