NFJ Investment Group LLC Acquires Shares of 328,653 SouthState Bank Corporation $SSB

NFJ Investment Group LLC bought a new stake in SouthState Bank Corporation (NYSE:SSB) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 328,653 shares of the company’s stock, valued at approximately $30,930,000. SouthState Bank comprises about 1.1% of NFJ Investment Group LLC’s holdings, making the stock its 25th largest position. NFJ Investment Group LLC owned approximately 0.33% of SouthState Bank at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of SouthState Bank by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after buying an additional 161,928 shares during the last quarter. Dimensional Fund Advisors LP grew its position in shares of SouthState Bank by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,729,496 shares of the company’s stock valued at $445,101,000 after buying an additional 62,879 shares during the last quarter. Geode Capital Management LLC grew its position in shares of SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock valued at $175,653,000 after buying an additional 85,981 shares during the last quarter. Franklin Resources Inc. grew its position in shares of SouthState Bank by 1.0% in the 4th quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock valued at $152,809,000 after buying an additional 15,787 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of SouthState Bank by 35.6% in the 3rd quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock valued at $157,306,000 after buying an additional 418,031 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were 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 in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SSB. TD Cowen dropped their target price on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. DA Davidson reaffirmed a “buy” rating and issued a $125.00 target price on shares of SouthState Bank in a research report on Wednesday. Truist Financial dropped their target price on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. JPMorgan Chase & Co. increased their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, May 21st. Finally, Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, SouthState Bank currently has an average rating of “Buy” and an average target price of $118.62.

SouthState Bank Stock Up 1.3%

Shares of NYSE:SSB opened at $98.75 on Friday. The stock has a market cap of $9.65 billion, a P/E ratio of 10.65 and a beta of 0.70. The firm has a fifty day moving average price of $95.81 and a 200 day moving average price of $96.41. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. 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 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million during 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 in the prior year, the business earned $0.87 EPS. Sell-side analysts predict that SouthState Bank Corporation will post 9.5 EPS for the current year.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were paid a dividend of $0.60 per share. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. SouthState Bank’s dividend payout ratio is currently 25.89%.

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.