David Brooks Sells 24,650 Shares of SouthState Bank (NYSE:SSB) Stock

SouthState Bank Corporation (NYSE:SSB) Director David Brooks sold 24,650 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction 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. This trade represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

SouthState Bank Stock Down 0.3%

Shares of NYSE SSB opened at $108.21 on Friday. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $110.46. The firm has a 50-day simple moving average of $100.55 and a two-hundred day simple moving average of $98.43. The company has a market cap of $10.49 billion, a P/E ratio of 11.38 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The firm had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. During the same quarter in the prior year, the firm posted $2.30 earnings per share. Research analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be given a $0.66 dividend. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.64 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio is currently 25.24%.

Analyst Ratings Changes

Several analysts have recently weighed in on SSB shares. Citigroup lifted their target price on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Piper Sandler raised their price target 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. Hovde Group lifted their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. upped their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat, SouthState Bank has a consensus rating of “Moderate Buy” and a consensus target price of $119.64.

Institutional Investors Weigh In On SouthState Bank

Large investors have recently modified their holdings of the business. Nicholas Hoffman & Company LLC. boosted its stake in shares of SouthState Bank by 0.7% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after purchasing an additional 111 shares in the last quarter. Cetera Investment Advisers raised its stake in SouthState Bank by 0.6% in the first 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 stake in SouthState Bank by 0.7% in the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock worth $1,670,000 after buying an additional 129 shares in the last quarter. MML Investors Services LLC lifted its holdings in SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after buying an additional 131 shares during the period. Finally, FourThought Financial Partners LLC lifted its holdings in SouthState Bank by 5.8% during the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after buying an additional 139 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Company Profile

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.