SouthState Bank Corporation $SSB Shares Sold by Capital Research Global Investors

Capital Research Global Investors cut its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 5.7% during the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 1,576,502 shares of the company’s stock after selling 94,999 shares during the period. Capital Research Global Investors’ holdings in SouthState Bank were worth $148,365,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Measured Wealth Private Client Group LLC acquired a new stake in SouthState Bank in the third quarter valued at approximately $51,000. State of Wyoming raised its stake in shares of SouthState Bank by 356.0% during the third quarter. State of Wyoming now owns 570 shares of the company’s stock valued at $56,000 after purchasing an additional 445 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of SouthState Bank during the third quarter worth $57,000. Danske Bank A S purchased a new position in shares of SouthState Bank in the third quarter valued at $59,000. Finally, Harbour Investments Inc. purchased a new position in shares of SouthState Bank in the fourth quarter valued at $68,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on SSB shares. Hovde Group lifted their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Weiss Ratings cut shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Truist Financial lowered their target price on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research note on Monday, April 27th. JPMorgan Chase & Co. lifted their target price on SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. Finally, TD Cowen cut their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, SouthState Bank currently has an average rating of “Buy” and a consensus price target of $118.62.

SouthState Bank Price Performance

SSB opened at $94.82 on Tuesday. The company has a market capitalization of $9.26 billion, a P/E ratio of 10.23 and a beta of 0.70. The company has a 50-day moving average of $95.36 and a 200-day moving average of $96.19. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $108.46.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter last year, the company posted $0.87 earnings per share. Equities analysts expect that SouthState Bank Corporation will post 9.49 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is currently 25.89%.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of SouthState Bank 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 transaction, the director owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.