Freestone Grove Partners LP Invests $3.07 Million in SouthState Bank Corporation $SSB

Freestone Grove Partners LP acquired a new position in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 30,720 shares of the company’s stock, valued at approximately $3,069,000.

Several other institutional investors and hedge funds also recently made changes to their positions in SSB. Jane Street Group LLC increased its holdings in SouthState Bank by 4.6% in the first quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after purchasing an additional 3,678 shares in the last quarter. M&T Bank Corp bought a new position in shares of SouthState Bank during the 2nd quarter worth approximately $245,000. Arrowstreet Capital Limited Partnership grew its position in shares of SouthState Bank by 1,801.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock worth $5,825,000 after buying an additional 59,962 shares during the period. EverSource Wealth Advisors LLC grew its position in shares of SouthState Bank by 31.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock worth $176,000 after buying an additional 452 shares during the period. Finally, Jump Financial LLC bought a new stake in shares of SouthState Bank in the 2nd quarter valued at $919,000. Institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction 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 directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,831 shares of company stock valued at $3,814,274 over the last ninety days. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Stock Down 0.0%

SSB opened at $106.00 on Friday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $112.20. The firm has a market capitalization of $10.28 billion, a P/E ratio of 11.15 and a beta of 0.71. The company’s 50-day moving average is $104.31 and its 200 day moving average is $99.08. 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 issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping 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 business had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. During the same period in the prior year, the firm posted $2.30 EPS. Research analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

Wall Street Analyst Weigh In

A number of research firms have commented on SSB. DA Davidson restated a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a research report on Wednesday, July 1st. Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Citigroup upped their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings upgraded shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $119.64.

SouthState Bank 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.