Geode Capital Management LLC Sells 767,193 Shares of SouthState Bank Corporation $SSB

Geode Capital Management LLC cut its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 30.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,741,705 shares of the company’s stock after selling 767,193 shares during the period. Geode Capital Management LLC’s holdings in SouthState Bank were worth $160,315,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analyst Weigh In

SSB has been the subject of several analyst reports. Hovde Group boosted their target price on SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a research report on Friday, July 25th. Weiss Ratings lowered shares of SouthState Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Friday. TD Cowen decreased their price objective on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a report on Monday, October 27th. Piper Sandler cut their target price on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. Finally, Cowen started coverage on shares of SouthState Bank in a research report on Wednesday, September 24th. They set a “buy” rating on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $115.31.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the sale, the insider owned 31,785 shares of the company’s stock, valued at approximately $3,165,786. This represents a 13.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

SouthState Bank Price Performance

SouthState Bank stock opened at $86.21 on Wednesday. The firm has a market cap of $8.67 billion, a P/E ratio of 11.86 and a beta of 0.77. The business’s 50-day simple moving average is $94.86. 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 released its earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The business had revenue of $698.78 million for the quarter, compared to the consensus estimate of $660.41 million. During the same quarter in the previous year, the business earned $1.90 earnings per share.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.8%. SouthState Bank’s payout ratio is 33.01%.

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.