Strs Ohio Boosts Stock Holdings in SouthState Bank Corporation $SSB

Strs Ohio boosted its holdings in SouthState Bank Corporation (NYSE:SSB) by 14.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,365 shares of the company’s stock after buying an additional 13,609 shares during the period. Strs Ohio owned approximately 0.11% of SouthState Bank worth $9,973,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Rise Advisors LLC purchased a new position in SouthState Bank in the 1st quarter valued at approximately $33,000. Flaharty Asset Management LLC purchased a new position in shares of SouthState Bank in the first quarter valued at $45,000. TFC Financial Management Inc. grew its position in shares of SouthState Bank by 49,800.0% in the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock valued at $46,000 after purchasing an additional 498 shares in the last quarter. Summit Securities Group LLC grew its position in shares of SouthState Bank by 81.5% in the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock valued at $64,000 after purchasing an additional 309 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in SouthState Bank by 1,103.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $64,000 after buying an additional 640 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at SouthState Bank

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The stock was 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 $3,165,786. This represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Hovde Group lifted their target price on SouthState Bank from $97.00 to $105.00 and gave the company a “market perform” rating in a report on Friday, July 25th. Citigroup reduced their price objective on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Weiss Ratings restated a “buy (b-)” rating on shares of SouthState Bank in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, July 27th. Finally, DA Davidson reduced their price target on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a research report on Friday, October 24th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, SouthState Bank has a consensus rating of “Buy” and an average price target of $115.85.

SouthState Bank Price Performance

SSB stock opened at $88.61 on Friday. 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 one year low of $77.74 and a one year high of $114.26. The stock has a market cap of $8.97 billion, a PE ratio of 12.19 and a beta of 0.68. The business has a 50 day moving average of $98.13.

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, topping the consensus estimate of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The company had revenue of $698.78 million during the quarter, compared to analyst estimates of $660.41 million. During the same period in the previous year, the business earned $1.90 earnings per share.

SouthState Bank Dividend Announcement

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 paid a $0.60 dividend. The ex-dividend date of this dividend is Friday, November 7th. This represents a $2.40 annualized dividend and a yield of 2.7%. SouthState Bank’s dividend payout ratio is currently 33.01%.

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.