David Brooks Sells 14,300 Shares of SouthState Bank (NYSE:SSB) Stock

Key Points

• David Brooks sold 14,300 shares of SouthState Bank on April 28 at an average price of $98.39 for roughly $1.41M, trimming his holding by 52.96% to 12,700 shares (about $1.25M).
• SouthState reported quarterly EPS of $2.28, beating the $2.21 consensus while revenue of $661.7M slightly missed estimates, and the stock traded near $96.61 following the report.
• The company declared a quarterly dividend of $0.60 (ex-dividend/record date May 8, payable May 15), equal to a $2.40 annualized payout and a ~2.5% yield.

SouthState Bank Corporation (NYSE:SSB - Get Free Report) Director David Brooks sold 14,300 shares of SouthState Bank stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares of the company's stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink.

SouthState Bank Stock Performance

Shares of NYSE SSB traded down $1.81 during mid-day trading on Wednesday, hitting $96.61. The company had a trading volume of 1,031,029 shares, compared to its average volume of 888,158. The stock has a market cap of $9.47 billion, a price-to-earnings ratio of 10.42 and a beta of 0.75. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. The firm's 50 day simple moving average is $95.88 and its two-hundred day simple moving average is $95.38.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter last year, the business posted $0.87 EPS. As a group, equities research analysts forecast that SouthState Bank Corporation will post 9.52 earnings per share for the current year.

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 8th will be issued a $0.60 dividend. The ex-dividend date of this dividend is Friday, May 8th. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. SouthState Bank's dividend payout ratio (DPR) is 25.89%.

Wall Street Analyst Weigh In

SSB has been the topic of several recent research reports. DA Davidson raised their price target on SouthState Bank from $119.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, February 5th. Barclays cut their price target on SouthState Bank from $126.00 to $123.00 and set an "overweight" rating on the stock in a report on Monday. JPMorgan Chase & Co. cut their price target on SouthState Bank from $120.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. Truist Financial cut their price target on SouthState Bank from $110.00 to $108.00 and set a "buy" rating on the stock in a report on Monday. Finally, Raymond James Financial raised their price target on SouthState Bank from $110.00 to $115.00 and gave the stock a "strong-buy" rating in a report on Wednesday, January 7th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $118.36.

Institutional Trading of SouthState Bank

Several hedge funds have recently added to or reduced their stakes in SSB. Norges Bank bought a new stake in SouthState Bank during the 4th quarter valued at $125,940,000. AQR Capital Management LLC raised its stake in SouthState Bank by 269.4% during the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company's stock valued at $120,530,000 after acquiring an additional 889,042 shares in the last quarter. Jane Street Group LLC raised its stake in SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock valued at $69,548,000 after acquiring an additional 672,721 shares in the last quarter. Deprince Race & Zollo Inc. raised its stake in SouthState Bank by 346.0% during the 1st quarter. Deprince Race & Zollo Inc. now owns 728,548 shares of the company's stock valued at $67,405,000 after acquiring an additional 565,196 shares in the last quarter. Finally, Schroder Investment Management Group bought a new stake in SouthState Bank during the 4th quarter valued at $43,631,000. Institutional investors own 89.76% of the company's stock.

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.

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