28,000 SouthState Bank Corporation $SSB Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al lessened its stake in SouthState Bank Corporation (NYSE:SSB) by 81.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 6,500 shares of the company’s stock after selling 28,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in SouthState Bank were worth $647,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of SouthState Bank during the 2nd quarter valued at $981,557,000. Bank of New York Mellon Corp purchased a new position in shares of SouthState Bank during the 2nd quarter valued at $130,419,000. The Manufacturers Life Insurance Company acquired a new position in shares of SouthState Bank in the second quarter worth $85,467,000. Bank of America Corp DE acquired a new position in shares of SouthState Bank in the second quarter worth $59,792,000. Finally, Algebris UK Ltd. acquired a new position in shares of SouthState Bank in the second quarter worth $57,293,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Activity at SouthState Bank

In other news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.70% of the company’s stock.

SouthState Bank Stock Down 0.5%

Shares of SouthState Bank stock traded down $0.53 during midday trading on Friday, reaching $104.19. 671,810 shares of the company’s stock traded hands, compared to its average volume of 816,965. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.95 and a current ratio of 0.95. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The company’s 50 day simple moving average is $103.56 and its 200 day simple moving average is $100.44. The company has a market cap of $10.07 billion, a price-to-earnings ratio of 11.10 and a beta of 0.77.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The business had revenue of $685.43 million during the quarter, compared to the consensus estimate of $691.13 million. During the same quarter in the prior year, the company posted $2.58 earnings per share. Equities analysts expect that SouthState Bank Corporation will post 9.35 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, November 6th will be paid a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, November 6th. SouthState Bank’s dividend payout ratio is 28.12%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SSB shares. Wall Street Zen cut SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, October 24th. TD Cowen dropped their target price on SouthState Bank from $120.00 to $116.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Barclays raised their price target on SouthState Bank from $120.00 to $128.00 and gave the stock an “overweight” rating in a research note on Tuesday. Stephens lifted their price target on SouthState Bank from $116.00 to $119.00 and gave the company an “overweight” rating in a report on Monday, October 26th. Finally, JPMorgan Chase & Co. reduced their price target on SouthState Bank from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, SouthState Bank presently has a consensus rating of “Buy” and a consensus target price of $119.62.

SouthState Bank Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.