Mirabella Financial Services LLP Decreases Stake in SouthState Bank Corporation $SSB

Mirabella Financial Services LLP lessened its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 47.9% in the second quarter, Holdings Channel reports. The firm owned 5,322 shares of the company’s stock after selling 4,895 shares during the period. Mirabella Financial Services LLP’s holdings in SouthState Bank were worth $532,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Root Financial Partners LLC lifted its position in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in SouthState Bank during the second quarter worth approximately $50,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank in the third quarter worth $51,000. GHP Investment Advisors Inc. acquired a new stake in shares of SouthState Bank in the first quarter worth $52,000. Finally, Danske Bank A S purchased a new position in shares of SouthState Bank in the 3rd quarter valued at $59,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

SSB opened at $111.62 on Friday. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $111.79. The firm has a market cap of $10.82 billion, a price-to-earnings ratio of 11.74 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a fifty day simple moving average of $102.20 and a 200 day simple moving average of $98.82.

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

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were given a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio is presently 27.76%.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

SSB has been the topic of several recent research reports. Truist Financial lifted their target price on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. TD Cowen increased their price target on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. UBS Group lowered SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research report on Tuesday, July 7th. Stephens restated an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. Finally, Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $119.64.

About SouthState Bank

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.