UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Reduces Stock Position in SouthState Bank Corporation $SSB

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its stake in SouthState Bank Corporation (NYSE:SSB) by 6.0% in the second quarter, HoldingsChannel.com reports. The fund owned 242,418 shares of the company’s stock after selling 15,425 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in SouthState Bank were worth $24,218,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in SSB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in SouthState Bank in the second quarter worth approximately $28,000. Root Financial Partners LLC lifted its holdings in shares of SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares during the period. FNY Investment Advisers LLC bought a new position in shares of SouthState Bank during the 2nd quarter valued at $50,000. Measured Wealth Private Client Group LLC purchased a new position in shares of SouthState Bank in the 3rd quarter worth $51,000. Finally, GHP Investment Advisors Inc. purchased a new position in shares of SouthState Bank in the 1st quarter worth $52,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

Shares of SSB opened at $108.02 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. The business has a 50-day simple moving average of $104.96 and a two-hundred day simple moving average of $99.13. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 11.36 and a beta of 0.72. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $676.83 million. During the same quarter last year, the company earned $2.30 earnings per share. On average, analysts expect that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

Insider Activity at SouthState Bank

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The shares were 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 directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David Brooks sold 24,650 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $869,000. This trade 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 worth $3,814,274 in the last ninety days. Insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Barclays reduced their price objective on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research report on Tuesday, July 7th. Fundamental Research set a $120.00 price target on SouthState Bank in a research note on Wednesday, July 1st. TD Cowen increased their price objective on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Citigroup raised 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, DA Davidson restated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $119.64.

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.