SouthState Bank Corporation $SSB Shares Acquired by Bessemer Group Inc.

Bessemer Group Inc. lifted its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 4.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 276,002 shares of the company’s stock after purchasing an additional 11,033 shares during the period. Bessemer Group Inc. owned 0.27% of SouthState Bank worth $25,400,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Alliancebernstein L.P. boosted its holdings in shares of SouthState Bank by 44.5% during the 1st quarter. Alliancebernstein L.P. now owns 300,047 shares of the company’s stock worth $27,850,000 after purchasing an additional 92,342 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its holdings in shares of SouthState Bank by 153.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 10,229 shares of the company’s stock worth $949,000 after purchasing an additional 6,196 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of SouthState Bank by 68.1% during the 1st quarter. GAMMA Investing LLC now owns 1,172 shares of the company’s stock worth $109,000 after purchasing an additional 475 shares during the last quarter. New York State Teachers Retirement System boosted its holdings in shares of SouthState Bank by 25.4% during the 1st quarter. New York State Teachers Retirement System now owns 15,427 shares of the company’s stock worth $1,432,000 after purchasing an additional 3,127 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of SouthState Bank by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 964,089 shares of the company’s stock worth $89,487,000 after purchasing an additional 121,591 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director G Stacy Smith bought 2,500 shares of the business’s stock in a transaction on Friday, August 1st. The shares were bought at an average price of $92.30 per share, with a total value of $230,750.00. Following the completion of the transaction, the director directly owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the sale, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. The trade was a 13.59% decrease in their position. The SEC filing for this sale provides additional information. 1.70% of the stock is owned by insiders.

SouthState Bank Stock Down 0.9%

Shares of NYSE SSB opened at $89.63 on Wednesday. The stock has a market capitalization of $9.07 billion, a price-to-earnings ratio of 12.33 and a beta of 0.68. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $114.26. The firm has a 50 day moving average price of $98.70.

SouthState Bank (NYSE:SSB) last announced its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.38. The company had revenue of $698.78 million for the quarter, compared to analyst estimates of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same quarter in the previous year, the company earned $1.90 earnings per share.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, November 7th will be given a $0.60 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. SouthState Bank’s payout ratio is presently 33.01%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SSB shares. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. TD Cowen decreased their price objective on SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a report on Monday. Stephens decreased their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday. Zacks Research cut SouthState Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Finally, Hovde Group upped their price objective on SouthState Bank from $97.00 to $105.00 and gave the company a “market perform” rating in a report on Friday, July 25th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $115.85.

SouthState Bank 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.