SouthState Corp Sells 4,815 Shares of SouthState Bank Corporation $SSB

SouthState Corp decreased its position in SouthState Bank Corporation (NYSE:SSB) by 7.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,501 shares of the company’s stock after selling 4,815 shares during the quarter. SouthState Corp owned approximately 0.06% of SouthState Bank worth $5,200,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Huntington National Bank grew its stake in shares of SouthState Bank by 23.9% in the 2nd quarter. Huntington National Bank now owns 766 shares of the company’s stock worth $70,000 after acquiring an additional 148 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of SouthState Bank by 26.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,217,267 shares of the company’s stock worth $112,025,000 after acquiring an additional 253,178 shares in the last quarter. Corton Capital Inc. bought a new stake in shares of SouthState Bank in the 2nd quarter worth $236,000. Bank of Montreal Can grew its stake in shares of SouthState Bank by 269.7% in the 2nd quarter. Bank of Montreal Can now owns 11,417 shares of the company’s stock worth $1,051,000 after acquiring an additional 8,329 shares in the last quarter. Finally, State of Michigan Retirement System boosted its holdings in shares of SouthState Bank by 0.9% in the 2nd quarter. State of Michigan Retirement System now owns 23,700 shares of the company’s stock worth $2,181,000 after buying an additional 200 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Price Performance

Shares of SSB opened at $87.97 on Thursday. The company has a 50 day moving average of $97.40. The stock has a market capitalization of $8.84 billion, a P/E ratio of 12.10 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $114.26.

SouthState Bank (NYSE:SSB) last announced its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.20 by $0.38. The business had revenue of $698.78 million for 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 period last year, the firm posted $1.90 earnings per share.

SouthState Bank Announces Dividend

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

Insider Buying and Selling

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the transaction, the insider directly owned 31,785 shares in the company, valued at $3,165,786. This trade represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on SSB. National Bankshares set a $127.00 price objective on shares of SouthState Bank in a report on Wednesday, September 24th. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. Stephens dropped their price objective on shares of SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. DA Davidson dropped their price objective on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Finally, Citigroup dropped their price objective on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $114.92.

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.