William Matthews Sells 4,000 Shares of SouthState Bank (NYSE:SSB) Stock

SouthState Bank Corporation (NYSE:SSB) CFO William Matthews sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the sale, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

SouthState Bank Stock Performance

NYSE:SSB traded down $2.97 during midday trading on Wednesday, reaching $107.12. The stock had a trading volume of 213,140 shares, compared to its average volume of 851,925. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $112.20. The firm’s fifty day simple moving average is $102.81 and its 200-day simple moving average is $98.94. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market capitalization of $10.39 billion, a P/E ratio of 11.29 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share 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 firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. During the same quarter in the previous year, the business earned $2.30 EPS. On average, equities research analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were given a $0.66 dividend. The ex-dividend date was Friday, August 7th. This represents a $2.64 annualized dividend and a yield of 2.5%. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

Hedge Funds Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SouthState Bank in the 2nd quarter valued at about $28,000. Root Financial Partners LLC lifted its position 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 period. FNY Investment Advisers LLC acquired a new position in SouthState Bank during the second quarter valued at approximately $50,000. Measured Wealth Private Client Group LLC bought a new stake in shares of SouthState Bank during the 3rd quarter worth $51,000. Finally, GHP Investment Advisors Inc. bought a new position in shares of SouthState Bank in the first quarter worth about $52,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. increased 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. Wall Street Zen cut shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Hovde Group increased their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Finally, TD Cowen raised their price objective on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $119.64.

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.