SouthState Bank Corporation $SSB Stock Position Lessened by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. reduced its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 3.1% during the second quarter, Holdings Channel.com reports. The firm owned 21,765 shares of the company’s stock after selling 690 shares during the period. Oppenheimer Asset Management Inc.’s holdings in SouthState Bank were worth $2,003,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in SouthState Bank by 31.2% during the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company’s stock valued at $1,028,406,000 after buying an additional 2,637,786 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of SouthState Bank by 34.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company’s stock valued at $422,915,000 after acquiring an additional 1,164,348 shares in the last quarter. Nuveen LLC bought a new position in shares of SouthState Bank in the first quarter valued at approximately $62,230,000. FJ Capital Management LLC boosted its holdings in shares of SouthState Bank by 286.3% in the first quarter. FJ Capital Management LLC now owns 556,226 shares of the company’s stock valued at $51,629,000 after acquiring an additional 412,242 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of SouthState Bank by 38.2% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the company’s stock valued at $133,407,000 after acquiring an additional 397,371 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on SSB shares. Citigroup cut their target price on SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research report on Monday. Cowen initiated coverage on SouthState Bank in a research note on Wednesday, September 24th. They issued a “buy” rating on the stock. Piper Sandler lowered their target price on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday. DA Davidson lowered their target price on SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Finally, Zacks Research lowered shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. Two investment analysts have 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. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $115.85.

SouthState Bank Stock Down 1.7%

NYSE:SSB opened at $88.23 on Thursday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $114.26. The firm has a market cap of $8.93 billion, a price-to-earnings ratio of 12.14 and a beta of 0.68. The company has a fifty day moving average of $98.53.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The company had revenue of $698.78 million during the quarter, compared to analyst estimates of $660.41 million. During the same period in the prior year, the firm earned $1.90 earnings per share.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, November 7th will be paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. SouthState Bank’s payout ratio is presently 33.01%.

Insiders Place Their Bets

In other news, Director G Stacy Smith purchased 2,500 shares of the company’s stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $92.30 per share, with a total value of $230,750.00. Following the completion of the transaction, the director directly owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the transaction, the insider directly owned 31,785 shares of the company’s stock, valued at $3,165,786. This represents a 13.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.70% of the stock is currently owned by company insiders.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.