SouthState Bank Corporation $SSB Shares Bought by Dimensional Fund Advisors LP

Dimensional Fund Advisors LP grew its position in SouthState Bank Corporation (NYSE:SSB) by 4.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,934,851 shares of the company’s stock after acquiring an additional 205,355 shares during the quarter. Dimensional Fund Advisors LP owned approximately 0.05% of SouthState Bank worth $456,554,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in SSB. Root Financial Partners LLC lifted its stake in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after purchasing an additional 210 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new stake in SouthState Bank during the third quarter valued at $51,000. GHP Investment Advisors Inc. acquired a new stake in shares of SouthState Bank during the first quarter worth $52,000. Danske Bank A S acquired a new stake in shares of SouthState Bank during the third quarter worth $59,000. Finally, Harbour Investments Inc. bought a new position in shares of SouthState Bank in the 4th quarter worth about $68,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director directly owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by insiders.

SouthState Bank Stock Performance

Shares of SSB opened at $102.33 on Tuesday. The firm has a market capitalization of $9.99 billion, a PE ratio of 11.04 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $97.17 and a 200 day moving average price of $97.53. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The company had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the previous year, the firm earned $0.87 EPS. On average, sell-side analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 annualized dividend and a yield of 2.3%. SouthState Bank’s payout ratio is presently 25.89%.

Wall Street Analyst Weigh In

SSB has been the subject of several research reports. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a report on Tuesday, July 7th. JPMorgan Chase & Co. raised their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Fundamental Research set a $120.00 target price on SouthState Bank in a research note on Wednesday, July 1st. Citigroup lowered their target price on SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, June 25th. Finally, Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. One investment analyst has 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $117.50.

About SouthState Bank

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.