State of New Jersey Common Pension Fund D Sells 479 Shares of SouthState Bank Corporation $SSB

State of New Jersey Common Pension Fund D reduced its stake in SouthState Bank Corporation (NYSE:SSB) by 1.6% in the second quarter, Holdings Channel.com reports. The institutional investor owned 29,580 shares of the company’s stock after selling 479 shares during the period. State of New Jersey Common Pension Fund D’s holdings in SouthState Bank were worth $2,722,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the stock. AlphaQuest LLC raised its stake in SouthState Bank by 6,680.1% in the second quarter. AlphaQuest LLC now owns 9,221 shares of the company’s stock worth $849,000 after buying an additional 9,085 shares in the last quarter. Tributary Capital Management LLC raised its stake in SouthState Bank by 4.1% in the second quarter. Tributary Capital Management LLC now owns 14,476 shares of the company’s stock worth $1,332,000 after buying an additional 566 shares in the last quarter. Ethic Inc. raised its stake in SouthState Bank by 49.6% in the second quarter. Ethic Inc. now owns 4,878 shares of the company’s stock worth $444,000 after buying an additional 1,617 shares in the last quarter. Liberty One Investment Management LLC raised its stake in SouthState Bank by 8.9% in the second quarter. Liberty One Investment Management LLC now owns 8,953 shares of the company’s stock worth $824,000 after buying an additional 731 shares in the last quarter. Finally, Stephens Inc. AR raised its stake in SouthState Bank by 3.2% in the second quarter. Stephens Inc. AR now owns 4,805 shares of the company’s stock worth $442,000 after buying an additional 151 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

SouthState Bank Stock Down 0.9%

Shares of SSB opened at $89.63 on Wednesday. The company has a market capitalization of $9.07 billion, a P/E ratio of 12.33 and a beta of 0.68. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. The firm’s 50 day moving average price is $98.70. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $114.26.

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

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, November 7th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. SouthState Bank’s dividend payout ratio (DPR) is 33.01%.

Insider Activity at SouthState Bank

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of SouthState Bank 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 owned 31,785 shares of the company’s stock, valued at approximately $3,165,786. The trade was a 13.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director G Stacy Smith bought 2,500 shares of the business’s stock in a transaction on Friday, August 1st. The stock was bought at an average cost of $92.30 per share, with a total value of $230,750.00. Following the transaction, the director owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their position. The disclosure for this purchase is available in the SEC filing. 1.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of research reports. Piper Sandler decreased their price target on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research note on Monday. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, July 27th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of SouthState Bank in a research note on Wednesday, October 8th. Zacks Research downgraded shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Finally, DA Davidson decreased their target price on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a research note on Friday, October 24th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, SouthState Bank has a consensus rating of “Buy” and a consensus price target of $115.85.

About SouthState Bank

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.