SouthState Bank (NYSE:SSB) Director David Brooks Sells 6,181 Shares of Stock

SouthState Bank Corporation (NYSE:SSB) Director David Brooks sold 6,181 shares of the business’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $107.92, for a total value of $667,053.52. Following the completion of the sale, the director directly owned 1,762 shares of the company’s stock, valued at $190,155.04. This represents a 77.82% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $109.29 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $10.67 billion, a price-to-earnings ratio of 11.49 and a beta of 0.71. The business’s 50-day simple moving average is $99.72 and its 200-day simple moving average is $98.22. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $109.80.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period in the previous year, the company earned $2.30 EPS. As a group, equities research analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.4%. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is currently 27.76%.

Analyst Ratings Changes

SSB has been the subject of a number of research analyst reports. Citigroup boosted their target price on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. DA Davidson reaffirmed a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a research report on Wednesday, June 10th. Truist Financial lifted their price objective on SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. boosted their price objective on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Stephens restated an “overweight” rating and set a $116.00 target price on shares of SouthState Bank in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.64.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Cambiar Investors LLC grew its position in SouthState Bank by 14.5% during the second quarter. Cambiar Investors LLC now owns 34,922 shares of the company’s stock worth $3,489,000 after buying an additional 4,421 shares in the last quarter. Chicago Partners Investment Group LLC raised its holdings in SouthState Bank by 84.5% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 5,978 shares of the company’s stock valued at $605,000 after acquiring an additional 2,738 shares in the last quarter. Leeward Investments LLC MA raised its holdings in SouthState Bank by 32.2% in the 2nd quarter. Leeward Investments LLC MA now owns 109,759 shares of the company’s stock valued at $10,965,000 after acquiring an additional 26,754 shares in the last quarter. Channing Capital Management LLC lifted its position in shares of SouthState Bank by 23.6% in the 2nd quarter. Channing Capital Management LLC now owns 105,218 shares of the company’s stock worth $10,511,000 after acquiring an additional 20,111 shares during the period. Finally, Krilogy Financial LLC acquired a new stake in shares of SouthState Bank during the 2nd quarter worth approximately $267,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

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.