Cullen Capital Management LLC Invests $600,000 in SouthState Bank Corporation $SSB

Cullen Capital Management LLC bought a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,007 shares of the company’s stock, valued at approximately $600,000.

Other institutional investors also recently bought and sold shares of the company. Jane Street Group LLC boosted its position in SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after purchasing an additional 3,678 shares in the last quarter. M&T Bank Corp purchased a new position in shares of SouthState Bank during the 2nd quarter valued at approximately $245,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of SouthState Bank by 1,801.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock valued at $5,825,000 after purchasing an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of SouthState Bank by 31.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after purchasing an additional 452 shares during the period. Finally, Jump Financial LLC purchased a new stake in SouthState Bank during the second quarter worth $919,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SSB. Truist Financial raised their price target on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Piper Sandler increased their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Finally, Citigroup upped their price target on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One investment 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. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $119.64.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 34,831 shares of company stock worth $3,814,274 in the last 90 days. Company insiders own 1.70% of the company’s stock.

SouthState Bank Stock Down 0.7%

SSB stock opened at $106.12 on Wednesday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. The firm has a 50-day simple moving average of $103.71 and a 200-day simple moving average of $99.05. The stock has a market capitalization of $10.29 billion, a P/E ratio of 11.16 and a beta of 0.71.

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

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were given a $0.66 dividend. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is presently 27.76%.

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.