Segall Bryant & Hamill LLC Sells 33,262 Shares of SouthState Bank Corporation $SSB

Segall Bryant & Hamill LLC lessened its stake in SouthState Bank Corporation (NYSE:SSB) by 5.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 617,871 shares of the company’s stock after selling 33,262 shares during the period. SouthState Bank accounts for approximately 0.7% of Segall Bryant & Hamill LLC’s investment portfolio, making the stock its 13th largest holding. Segall Bryant & Hamill LLC owned about 0.63% of SouthState Bank worth $57,165,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of SouthState Bank during the fourth quarter valued at about $125,940,000. AQR Capital Management LLC lifted its position in SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after acquiring an additional 889,042 shares during the last quarter. Jane Street Group LLC lifted its position in SouthState Bank by 810.7% during the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after acquiring an additional 672,721 shares during the last quarter. Deprince Race & Zollo Inc. boosted its stake in SouthState Bank by 346.0% in the first quarter. Deprince Race & Zollo Inc. now owns 728,548 shares of the company’s stock valued at $67,405,000 after acquiring an additional 565,196 shares in the last quarter. Finally, Schroder Investment Management Group acquired a new stake in SouthState Bank in the fourth quarter valued at approximately $43,631,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Stock Down 0.1%

NYSE:SSB opened at $105.19 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.11. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $108.46. The company has a market cap of $10.27 billion, a PE ratio of 11.06 and a beta of 0.70. The company’s 50 day moving average is $99.18 and its two-hundred day moving average is $98.05.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The business had revenue of $672.67 million during the quarter, compared to analysts’ expectations of $676.83 million. During the same quarter last year, the company posted $2.30 earnings per share. Analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is currently 25.24%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on SSB shares. DA Davidson reaffirmed a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a research report on Wednesday, June 10th. Wall Street Zen cut SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Hovde Group boosted their target price on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. upped their target price on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Piper Sandler increased their price target on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.64.

SouthState Bank 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.