Channing Capital Management LLC Increases Stock Holdings in SouthState Bank Corporation $SSB

Channing Capital Management LLC boosted its holdings in SouthState Bank Corporation (NYSE:SSB) by 23.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 105,218 shares of the company’s stock after purchasing an additional 20,111 shares during the quarter. Channing Capital Management LLC’s holdings in SouthState Bank were worth $10,511,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Krilogy Financial LLC acquired a new stake in SouthState Bank in the 2nd quarter worth about $267,000. Polaris Capital Management LLC acquired a new position in shares of SouthState Bank during the 2nd quarter valued at about $2,913,000. E. Ohman J or Asset Management AB acquired a new position in shares of SouthState Bank during the 2nd quarter valued at about $3,159,000. FNY Investment Advisers LLC acquired a new position in shares of SouthState Bank during the 2nd quarter valued at about $50,000. Finally, GAMMA Investing LLC lifted its holdings in shares of SouthState Bank by 19.2% during the 2nd quarter. GAMMA Investing LLC now owns 2,516 shares of the company’s stock worth $251,000 after acquiring an additional 405 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SSB has been the topic of several research analyst reports. TD Cowen raised their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Citigroup upped their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a research note on Wednesday, July 1st. Hovde Group lifted their price target 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. Finally, JPMorgan Chase & Co. boosted their price objective on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank has a consensus rating of “Moderate Buy” and an average price target of $119.64.

Insider Buying and Selling at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.70% of the company’s stock.

SouthState Bank Stock Up 0.6%

SSB opened at $110.98 on Friday. The firm has a 50 day moving average price of $101.87 and a 200 day moving average price of $98.73. The company has a market cap of $10.76 billion, a PE ratio of 11.67 and a beta of 0.71. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $111.74. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. During the same period in the previous year, the company posted $2.30 earnings per share. Sell-side analysts expect 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 of this dividend is Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.4%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is 27.76%.

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.