8,857 Shares in SouthState Bank Corporation $SSB Purchased by New York Life Investment Management LLC

New York Life Investment Management LLC bought a new position in SouthState Bank Corporation (NYSE:SSB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 8,857 shares of the company’s stock, valued at approximately $834,000.

Other hedge funds have also bought and sold shares of the company. JPMorgan Chase & Co. raised its position in SouthState Bank by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after buying an additional 16,974 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in SouthState Bank by 168.3% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 84,046 shares of the company’s stock worth $8,406,000 after buying an additional 52,718 shares during the last quarter. Vanguard Group Inc. raised its position in SouthState Bank by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock worth $1,065,367,000 after buying an additional 130,358 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new position in SouthState Bank in the 3rd quarter worth about $1,465,000. Finally, Daytona Street Capital LLC purchased a new position in SouthState Bank in the 4th quarter worth about $1,054,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on SSB. Barclays decreased their target price on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research report on Monday, April 27th. Stephens boosted their target price on SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, January 26th. Jefferies Financial Group boosted their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. JPMorgan Chase & Co. reduced their price target on shares of SouthState Bank from $120.00 to $110.00 and set an “overweight” rating for the company in a research report on Wednesday, April 1st. Finally, Citigroup upped their price target on shares of SouthState Bank from $116.00 to $120.00 and gave the company a “buy” rating in a research report on Monday, January 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and an average target price of $118.23.

Insider Transactions at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director directly owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.70% of the company’s stock.

SouthState Bank Price Performance

NYSE SSB opened at $92.03 on Wednesday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The firm has a market capitalization of $8.99 billion, a P/E ratio of 9.93 and a beta of 0.72. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The company has a 50-day moving average price of $94.41 and a 200-day moving average price of $95.56.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The firm had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. During the same quarter in the prior year, the firm earned $0.87 EPS. Equities research analysts anticipate that SouthState Bank Corporation will post 9.46 earnings per share for the current year.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio is currently 25.89%.

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.