SouthState Bank (NYSE:SSB) CFO William Matthews Sells 4,000 Shares of Stock

SouthState Bank Corporation (NYSE:SSB) CFO William Matthews sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

SouthState Bank Stock Performance

NYSE SSB opened at $107.13 on Thursday. The firm has a market cap of $10.39 billion, a P/E ratio of 11.26 and a beta of 0.71. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. The company’s 50 day moving average is $103.02 and its 200-day moving average is $98.97.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same period in the previous year, the business earned $2.30 EPS. Sell-side analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio is 27.76%.

Institutional Trading of SouthState Bank

Several institutional investors and hedge funds have recently modified their holdings of SSB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of SouthState Bank in the 2nd quarter valued at about $28,000. Root Financial Partners LLC grew its stake in shares of SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after acquiring an additional 210 shares during the last quarter. FNY Investment Advisers LLC purchased a new stake in SouthState Bank during the 2nd quarter worth approximately $50,000. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank in the 3rd quarter valued at $51,000. Finally, GHP Investment Advisors Inc. acquired a new position in shares of SouthState Bank in the first quarter valued at about $52,000. Institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SSB shares. Truist Financial boosted their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a report on Tuesday, July 7th. Piper Sandler increased their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Finally, Wall Street Zen cut SouthState Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $119.64.

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.