Allspring Global Investments Holdings LLC Acquires 28,216 Shares of SouthState Bank Corporation $SSB

Allspring Global Investments Holdings LLC lifted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 2.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,121,392 shares of the company’s stock after purchasing an additional 28,216 shares during the period. Allspring Global Investments Holdings LLC’s holdings in SouthState Bank were worth $106,824,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SSB. GAMMA Investing LLC boosted its position in SouthState Bank by 68.1% during the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the company’s stock valued at $109,000 after buying an additional 475 shares during the period. SG Americas Securities LLC boosted its position in SouthState Bank by 118.4% during the 1st quarter. SG Americas Securities LLC now owns 8,676 shares of the company’s stock valued at $805,000 after buying an additional 4,704 shares during the period. Fifth Third Bancorp boosted its position in SouthState Bank by 102.1% during the 1st quarter. Fifth Third Bancorp now owns 956 shares of the company’s stock valued at $89,000 after buying an additional 483 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in SouthState Bank by 4.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 30,553 shares of the company’s stock valued at $2,836,000 after buying an additional 1,239 shares during the period. Finally, State of Alaska Department of Revenue boosted its position in SouthState Bank by 32.1% during the 1st quarter. State of Alaska Department of Revenue now owns 11,492 shares of the company’s stock valued at $1,066,000 after buying an additional 2,790 shares during the period. Institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on SSB. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, July 27th. Barclays increased their price target on shares of SouthState Bank from $117.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, July 28th. TD Cowen started coverage on shares of SouthState Bank in a research report on Thursday, September 25th. They issued a “buy” rating and a $127.00 target price for the company. National Bankshares set a $127.00 target price on shares of SouthState Bank in a research report on Wednesday, September 24th. Finally, DA Davidson raised their target price on shares of SouthState Bank from $115.00 to $117.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $117.08.

SouthState Bank Trading Up 2.5%

NYSE:SSB opened at $96.24 on Tuesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a 50-day moving average of $99.07. The stock has a market cap of $9.74 billion, a PE ratio of 14.34 and a beta of 0.68. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $114.26.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, July 24th. The company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.30. The company had revenue of $664.77 million during the quarter, compared to analyst estimates of $639.47 million. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, August 8th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.54. SouthState Bank’s dividend payout ratio (DPR) is 35.77%.

Insider Buying and Selling

In other SouthState Bank news, Director Janet P. Froetscher purchased 3,338 shares of the firm’s stock in a transaction that occurred on Wednesday, July 30th. The stock was bought at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the purchase, the director directly owned 8,294 shares in the company, valued at $807,089.14. The trade was a 67.35% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director G Stacy Smith purchased 2,500 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was acquired at an average price of $92.30 per share, with a total value of $230,750.00. Following the completion of the purchase, the director owned 39,546 shares in the company, valued at $3,650,095.80. This represents a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 8,338 shares of company stock worth $786,321 in the last three months. 1.70% of the stock is owned by corporate insiders.

SouthState Bank Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.