Elevation Point Wealth Partners LLC Takes $2.75 Million Position in SouthState Bank Corporation $SSB

Elevation Point Wealth Partners LLC acquired a new position in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 27,572 shares of the company’s stock, valued at approximately $2,754,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in SouthState Bank in the second quarter valued at approximately $28,000. Root Financial Partners LLC boosted its position in SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares during the period. FNY Investment Advisers LLC purchased a new stake in SouthState Bank during the 2nd quarter valued at $50,000. Measured Wealth Private Client Group LLC bought a new stake in SouthState Bank in the 3rd quarter worth $51,000. Finally, GHP Investment Advisors Inc. bought a new stake in SouthState Bank in the 1st quarter worth $52,000. 89.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction dated 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 sale, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This represents a 75.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction dated 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 transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 34,831 shares of company stock worth $3,814,274. 1.70% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently commented on SSB shares. DA Davidson reaffirmed a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research note on Wednesday, June 10th. UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target on the stock. in a report on Tuesday, July 7th. Truist Financial upped their price target on SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Barclays dropped their price objective on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. Finally, JPMorgan Chase & Co. lifted their price objective on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and an average target price of $119.64.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $106.86 on Monday. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $112.20. 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 company’s 50-day moving average is $103.35 and its 200 day moving average is $99.03. The stock has a market capitalization of $10.36 billion, a P/E ratio of 11.24 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The business had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same period last year, the business posted $2.30 earnings per share. On average, sell-side analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a $0.66 dividend. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend 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.