Royal Bank of Canada Has $6.59 Million Position in SouthState Bank Corporation $SSB

Royal Bank of Canada lessened its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 23.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,218 shares of the company’s stock after selling 21,229 shares during the quarter. Royal Bank of Canada’s holdings in SouthState Bank were worth $6,589,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Root Financial Partners LLC raised its holdings in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after buying an additional 210 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank during the third quarter valued at about $51,000. GHP Investment Advisors Inc. bought a new stake in shares of SouthState Bank during the first quarter worth about $52,000. Danske Bank A S bought a new stake in shares of SouthState Bank during the third quarter worth about $59,000. Finally, Harbour Investments Inc. acquired a new stake in shares of SouthState Bank in the 4th quarter worth about $68,000. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares of the company’s stock, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.70% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Citigroup lifted their price target on SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. TD Cowen raised their price objective on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Truist Financial lifted their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price for the company. in a research note on Tuesday, July 7th. Finally, Fundamental Research set a $120.00 target price on shares of SouthState Bank in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank has an average rating of “Moderate Buy” and a consensus price target of $119.64.

SouthState Bank Stock Up 1.5%

SSB stock opened at $110.16 on Wednesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market capitalization of $10.68 billion, a price-to-earnings ratio of 11.58 and a beta of 0.71. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $110.46. The stock has a fifty day moving average of $101.19 and a 200-day moving average of $98.58.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period in the previous year, the business posted $2.30 EPS. As a group, equities research analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be paid a $0.66 dividend. The ex-dividend date is Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 2.4%. SouthState Bank’s dividend payout ratio is 27.76%.

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.