GSA Capital Partners LLP Purchases Shares of 8,859 SouthState Bank Corporation $SSB

GSA Capital Partners LLP purchased a new stake in shares of SouthState Bank Corporation (NYSE:SSB) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 8,859 shares of the company’s stock, valued at approximately $834,000.

Several other institutional investors have also added to or reduced their stakes in SSB. JPMorgan Chase & Co. lifted its position in shares of SouthState Bank by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after purchasing an additional 16,974 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of SouthState Bank by 168.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 84,046 shares of the company’s stock worth $8,406,000 after purchasing an additional 52,718 shares during the period. Vanguard Group Inc. lifted its position in shares of SouthState Bank by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock worth $1,065,367,000 after purchasing an additional 130,358 shares during the period. Ashton Thomas Private Wealth LLC purchased a new stake in shares of SouthState Bank in the 3rd quarter worth about $1,465,000. Finally, Moody National Bank Trust Division purchased a new stake in shares of SouthState Bank in the 4th quarter worth about $1,139,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SSB shares. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Citigroup raised their target price on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Weiss Ratings raised shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Truist Financial dropped their target price on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. raised their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $118.62.

SouthState Bank Stock Up 0.9%

Shares of SouthState Bank stock opened at $94.69 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. The company has a 50-day moving average of $94.49 and a 200 day moving average of $95.64. The firm has a market cap of $9.25 billion, a price-to-earnings ratio of 10.21 and a beta of 0.72. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $108.46.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.07. The company had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period last year, the business earned $0.87 EPS. As a group, sell-side analysts anticipate that SouthState Bank Corporation will post 9.46 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 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, May 8th. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

Insider Activity

In related news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is currently owned by insiders.

SouthState Bank Company Profile

SouthState Bank (NYSE: SSB) is a bank holding company headquartered in Winter Haven, Florida, that provides a range of commercial and retail banking services. Through its subsidiary, SouthState Bank, the company serves businesses, institutions and individuals with deposit, lending and treasury management solutions. Its core business lines include commercial and industrial loans, commercial real estate lending, consumer mortgages and home equity loans.

In addition to traditional lending and deposit products, SouthState Bank offers specialized services such as treasury and cash management, merchant services, payment solutions and online banking.