SouthState Bank Corporation $SSB Shares Bought by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans raised its position in SouthState Bank Corporation (NYSE:SSB) by 190.1% in the 4th quarter, Holdings Channel reports. The fund owned 102,043 shares of the company’s stock after purchasing an additional 66,863 shares during the period. Thrivent Financial for Lutherans’ holdings in SouthState Bank were worth $9,604,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Covestor Ltd grew its position in shares of SouthState Bank by 385.1% during the third quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after buying an additional 389 shares in the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank during the third quarter worth approximately $51,000. State of Wyoming grew its position in shares of SouthState Bank by 356.0% during the third quarter. State of Wyoming now owns 570 shares of the company’s stock worth $56,000 after buying an additional 445 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of SouthState Bank during the third quarter worth approximately $57,000. Finally, Danske Bank A S acquired a new stake in shares of SouthState Bank during the third quarter worth approximately $59,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $92.03 on Wednesday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $108.46. The firm’s 50-day simple moving average is $94.41 and its 200 day simple moving average is $95.56. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The stock has a market cap of $8.99 billion, a P/E ratio of 9.93 and a beta of 0.72.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The business had revenue of $661.70 million for the quarter, compared to analysts’ expectations of $669.29 million. During the same period in the previous year, the business earned $0.87 earnings per share. Equities analysts expect that SouthState Bank Corporation will post 9.46 EPS for the current year.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. SouthState Bank’s payout ratio is presently 25.89%.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of research analyst reports. Jefferies Financial Group increased their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Barclays decreased their price objective on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Truist Financial decreased their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a report on Monday, April 27th. DA Davidson lifted their price objective on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Finally, Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and an average target price of $118.23.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.70% of the company’s stock.

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.