SouthState Bank Corporation $SSB Shares Purchased by Savant Capital LLC

Savant Capital LLC raised its position in shares of SouthState Bank Corporation (NYSE:SSB) by 246.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,728 shares of the company’s stock after acquiring an additional 11,906 shares during the period. Savant Capital LLC’s holdings in SouthState Bank were worth $1,539,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SSB. Alliancebernstein L.P. raised its holdings in SouthState Bank by 44.5% in the first quarter. Alliancebernstein L.P. now owns 300,047 shares of the company’s stock valued at $27,850,000 after buying an additional 92,342 shares during the period. Deutsche Bank AG raised its stake in shares of SouthState Bank by 53.6% in the 1st quarter. Deutsche Bank AG now owns 129,255 shares of the company’s stock valued at $11,997,000 after acquiring an additional 45,122 shares during the period. Blair William & Co. IL acquired a new position in shares of SouthState Bank during the 2nd quarter valued at $252,000. Teacher Retirement System of Texas lifted its holdings in shares of SouthState Bank by 10.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 22,299 shares of the company’s stock valued at $2,052,000 after acquiring an additional 2,193 shares in the last quarter. Finally, Entropy Technologies LP acquired a new position in shares of SouthState Bank during the first quarter worth about $251,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

Shares of SSB stock opened at $88.70 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $114.26. The stock’s 50-day moving average is $96.29. The company has a market capitalization of $8.92 billion, a PE ratio of 12.20 and a beta of 0.77.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data 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 return on equity of 10.70% and a net margin of 20.25%.The firm had revenue of $698.78 million during the quarter, compared to analyst estimates of $660.41 million. During the same period in the previous year, the company earned $1.90 earnings per share.

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, November 7th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, November 7th. This represents a $2.40 annualized dividend and a yield of 2.7%. SouthState Bank’s dividend payout ratio (DPR) is 33.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SSB shares. Piper Sandler dropped their target price on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. TD Cowen reduced their target price on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. DA Davidson lowered their price target on shares of SouthState Bank from $117.00 to $112.00 and set a “buy” rating for the company in a report on Friday, October 24th. Citigroup cut their price objective 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. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of SouthState Bank in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $115.31.

Insiders Place Their Bets

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

SouthState Bank Profile

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.