NFJ Investment Group LLC Invests $5.63 Million in SouthState Bank Corporation $SSB

NFJ Investment Group LLC purchased a new stake in SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 56,373 shares of the company’s stock, valued at approximately $5,632,000.

Other large investors have also recently bought and sold shares of the company. Jane Street Group LLC boosted its position in shares of SouthState Bank by 4.6% during the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after purchasing an additional 3,678 shares in the last quarter. M&T Bank Corp purchased a new position in shares of SouthState Bank in the 2nd quarter valued at about $245,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of SouthState Bank by 1,801.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock valued at $5,825,000 after purchasing an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after purchasing an additional 452 shares during the period. Finally, Jump Financial LLC purchased a new stake in SouthState Bank during the second quarter worth about $919,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on SSB. Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Truist Financial boosted their price target on SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Fundamental Research set a $120.00 price target on SouthState Bank in a report on Wednesday, July 1st. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. Finally, Hovde Group boosted their target price on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, SouthState Bank currently has an average rating of “Buy” and an average target price of $119.64.

Insider Buying and Selling at SouthState Bank

In other news, CFO William E. V. 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 value of $435,720.00. Following the completion of the transaction, the chief financial officer directly 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the sale, the director owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,831 shares of company stock valued at $3,814,274 in the last three months. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Stock Performance

Shares of SSB opened at $105.95 on Friday. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The stock has a market cap of $10.27 billion, a P/E ratio of 11.14 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 company has a 50-day moving average of $103.19 and a two-hundred day moving average of $99.00.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The business 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, research analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a dividend of $0.66 per share. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s payout ratio is currently 27.76%.

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.