SouthState Bank Corporation $SSB Stock: Inspire Investing LLC Decreases Position

Inspire Investing LLC cut its position in shares of SouthState Bank Corporation (NYSE:SSB) by 63.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,274 shares of the company’s stock after selling 9,081 shares during the period. Inspire Investing LLC’s holdings in SouthState Bank were worth $525,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Cetera Investment Advisers grew its stake in shares of SouthState Bank by 0.6% in the 1st quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock worth $1,754,000 after buying an additional 116 shares in the last quarter. HB Wealth Management LLC raised its holdings in SouthState Bank by 0.7% during the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after buying an additional 129 shares during the period. Gamco Investors INC. ET AL lifted its position in SouthState Bank by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 48,472 shares of the company’s stock worth $4,485,000 after buying an additional 161 shares during the last quarter. Sheets Smith Wealth Management boosted its stake in SouthState Bank by 2.5% during the second quarter. Sheets Smith Wealth Management now owns 6,635 shares of the company’s stock worth $663,000 after buying an additional 164 shares during the period. Finally, Wedmont Private Capital boosted its stake in SouthState Bank by 6.5% during the second quarter. Wedmont Private Capital now owns 3,040 shares of the company’s stock worth $303,000 after buying an additional 185 shares during the period. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of analyst reports. Stephens boosted their price objective on shares of SouthState Bank from $116.00 to $119.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Truist Financial boosted their price target on SouthState Bank from $113.00 to $118.00 and gave the company a “buy” rating in a report on Wednesday. Weiss Ratings reissued a “buy (b)” rating on shares of SouthState Bank in a research note on Monday, October 12th. Barclays lifted their price objective on shares of SouthState Bank from $118.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, October 5th. Finally, Piper Sandler boosted their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $119.00.

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $105.04 on Friday. The company has a 50 day simple moving average of $103.64 and a two-hundred day simple moving average of $100.24. The stock has a market cap of $10.19 billion, a price-to-earnings ratio of 11.19 and a beta of 0.78. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $112.20. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.11.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($0.10). SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. The company had revenue of $685.43 million for the quarter, compared to analysts’ expectations of $691.13 million. During the same quarter in the prior year, the business posted $2.58 earnings per share. As a group, analysts predict that SouthState Bank Corporation will post 9.35 earnings per share for the current year.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be given a $0.66 dividend. The ex-dividend date is Friday, November 6th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio is 28.12%.

Insider Buying and Selling

In other news, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The stock was 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 directly owned 7,900 shares in the company, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO William Matthews sold 4,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief financial officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,831 shares of company stock worth $3,814,274 in the last quarter. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Company Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.