Summit Investment Advisors Inc. Raises Stock Holdings in SouthState Bank Corporation $SSB

Summit Investment Advisors Inc. boosted its position in shares of SouthState Bank Corporation (NYSE:SSB) by 26.5% in the first quarter, HoldingsChannel.com reports. The fund owned 29,305 shares of the company’s stock after acquiring an additional 6,147 shares during the quarter. Summit Investment Advisors Inc.’s holdings in SouthState Bank were worth $2,720,000 as of its most recent filing with the SEC.

A number of other hedge funds have also modified their holdings of the company. Blue Trust Inc. lifted its holdings in shares of SouthState Bank by 12.4% during the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock worth $91,000 after purchasing an additional 109 shares during the period. IFP Advisors Inc raised its position in SouthState Bank by 14.2% during the 1st quarter. IFP Advisors Inc now owns 943 shares of the company’s stock worth $87,000 after buying an additional 117 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in SouthState Bank by 5.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the company’s stock valued at $220,000 after acquiring an additional 118 shares during the period. Nicholson Wealth Management Group LLC boosted its holdings in shares of SouthState Bank by 1.8% in the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after acquiring an additional 125 shares during the last quarter. Finally, Fifth Third Bancorp boosted its holdings in shares of SouthState Bank by 14.0% in the 2nd quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after acquiring an additional 134 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $87.70 on Friday. The stock’s 50 day moving average is $96.83. The stock has a market capitalization of $8.82 billion, a P/E ratio of 12.06 and a beta of 0.77. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $114.26.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The business had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. During the same quarter in the prior year, the company posted $1.90 EPS.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, November 7th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, November 7th. SouthState Bank’s dividend payout ratio is currently 33.01%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SSB. National Bankshares set a $127.00 price objective on SouthState Bank in a report on Wednesday, September 24th. Piper Sandler decreased their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a report on Monday, October 27th. DA Davidson dropped their price objective on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a research note on Friday, October 24th. TD Cowen decreased their target price on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Finally, Citigroup lowered their price target on shares of SouthState Bank from $117.00 to $116.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $114.92.

Insider Buying and Selling

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider owned 31,785 shares in the company, valued at $3,165,786. The trade was a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.70% of the stock is owned by corporate insiders.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.