Swiss Life Asset Management Ltd Sells 5,773 Shares of SouthState Bank Corporation $SSB

Swiss Life Asset Management Ltd lowered its position in shares of SouthState Bank Corporation (NYSE:SSB) by 48.8% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,053 shares of the company’s stock after selling 5,773 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in SouthState Bank were worth $605,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SSB. Krilogy Financial LLC bought a new position in SouthState Bank during the 2nd quarter valued at about $267,000. Polaris Capital Management LLC bought a new stake in SouthState Bank during the second quarter worth about $2,913,000. E. Ohman J or Asset Management AB bought a new stake in SouthState Bank during the second quarter worth about $3,159,000. FNY Investment Advisers LLC acquired a new stake in shares of SouthState Bank during the second quarter worth approximately $50,000. Finally, GAMMA Investing LLC increased its holdings in shares of SouthState Bank by 19.2% during the second quarter. GAMMA Investing LLC now owns 2,516 shares of the company’s stock worth $251,000 after buying an additional 405 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SSB. TD Cowen lifted their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. JPMorgan Chase & Co. increased their price target on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Barclays dropped their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. DA Davidson reiterated a “buy” rating and issued a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. Finally, Hovde Group boosted their price objective on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. One research analyst has 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, the company has a consensus rating of “Moderate Buy” and a consensus target price of $119.64.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the transaction, the director owned 7,900 shares of the company’s stock, valued at approximately $869,000. This represents a 75.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is owned by company insiders.

SouthState Bank Trading Up 0.6%

SSB opened at $110.98 on Friday. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $111.74. The stock has a market capitalization of $10.76 billion, a PE ratio of 11.67 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm has a 50-day moving average price of $101.87 and a two-hundred day moving average price of $98.73.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The company had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same period in the prior year, the business earned $2.30 earnings per share. As a group, equities analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a $0.66 dividend. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date is Friday, August 7th. This represents a $2.64 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio is presently 27.76%.

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.