Persistent Asset Partners Ltd Decreases Stock Position in SouthState Bank Corporation $SSB

Persistent Asset Partners Ltd lessened its stake in SouthState Bank Corporation (NYSE:SSB) by 45.9% in the second quarter, HoldingsChannel reports. The fund owned 9,390 shares of the company’s stock after selling 7,955 shares during the period. Persistent Asset Partners Ltd’s holdings in SouthState Bank were worth $864,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of SSB. Rise Advisors LLC purchased a new position in SouthState Bank in the 1st quarter worth approximately $33,000. Flaharty Asset Management LLC bought a new position in shares of SouthState Bank in the first quarter worth approximately $45,000. TFC Financial Management Inc. increased its stake in shares of SouthState Bank by 49,800.0% in the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after buying an additional 498 shares during the period. Summit Securities Group LLC raised its holdings in SouthState Bank by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock valued at $64,000 after buying an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in SouthState Bank by 1,103.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $64,000 after buying an additional 640 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Price Performance

SSB stock opened at $88.82 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $114.26. The business has a 50-day moving average of $95.49. The company has a market capitalization of $8.93 billion, a P/E ratio of 12.22 and a beta of 0.77.

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

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were issued a $0.60 dividend. The ex-dividend date was Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. SouthState Bank’s dividend payout ratio is 33.01%.

Analysts Set New Price Targets

A number of brokerages have issued reports on SSB. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. Zacks Research lowered shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Cowen started coverage on SouthState Bank in a report on Wednesday, September 24th. They set a “buy” rating on the stock. Stephens lowered their price target on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Finally, Weiss Ratings cut SouthState Bank from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Two analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $115.31.

Insider Transactions at SouthState Bank

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the transaction, the insider owned 31,785 shares of the company’s stock, valued at approximately $3,165,786. This trade represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

SouthState Bank Company Profile

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.