21,456 Shares of SouthState Bank Corporation $SSB Bought by M Holdings Securities Inc.

Key Points

• M Holdings Securities initiated a position in SouthState Bank during the third quarter, buying 21,456 shares valued at approximately $2.30 million. Institutional investors and hedge funds collectively own 89.76% of the stock.
• SouthState Bank’s latest quarterly results fell short of estimates: EPS was $2.30 versus a $2.40 consensus, and revenue was $685.43 million versus $691.13 million expected. The company declared a quarterly dividend of $0.66 per share, equivalent to a 2.5% yield.
• Analyst sentiment remains mostly positive, with a consensus “Buy” rating and an average price target of $119.62. The stock recently opened at $104.19, while CFO William E. V. Matthews disclosed selling 4,000 shares.

M Holdings Securities Inc. bought a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 21,456 shares of the company's stock, valued at approximately $2,296,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of SSB. Cetera Investment Advisers grew its holdings in shares of SouthState Bank by 0.6% in the 1st quarter. Cetera Investment Advisers now owns 18,959 shares of the company's stock worth $1,754,000 after acquiring an additional 116 shares during the period. Gamco Investors INC. ET AL raised its holdings in SouthState Bank by 0.3% during the first quarter. Gamco Investors INC. ET AL now owns 48,472 shares of the company's stock worth $4,485,000 after purchasing an additional 161 shares during the last quarter. Sheets Smith Wealth Management raised its holdings in SouthState Bank by 2.5% during the second quarter. Sheets Smith Wealth Management now owns 6,635 shares of the company's stock worth $663,000 after purchasing an additional 164 shares during the last quarter. Wedmont Private Capital raised its holdings in SouthState Bank by 6.5% during the second quarter. Wedmont Private Capital now owns 3,040 shares of the company's stock worth $303,000 after purchasing an additional 185 shares during the last quarter. Finally, Compound Planning Inc. boosted its position in SouthState Bank by 8.3% during the first quarter. Compound Planning Inc. now owns 2,610 shares of the company's stock worth $241,000 after purchasing an additional 201 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares of the company's stock, valued at $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Truist Financial upped their target price on SouthState Bank from $113.00 to $118.00 and gave the company a "buy" rating in a report on Wednesday, October 28th. Wall Street Zen downgraded SouthState Bank from a "hold" rating to a "sell" rating in a research note on Saturday, October 24th. JPMorgan Chase & Co. cut their price target on SouthState Bank from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Thursday, October 1st. Citigroup decreased their price objective on shares of SouthState Bank from $126.00 to $124.00 and set a "buy" rating on the stock in a research report on Monday, October 26th. Finally, Barclays increased their price objective on shares of SouthState Bank from $120.00 to $128.00 and gave the company an "overweight" rating in a research note on Tuesday, November 3rd. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $119.62.

SouthState Bank Trading Up 0.1%

Shares of SouthState Bank stock opened at $104.19 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.95 and a quick ratio of 0.94. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $112.20. The company has a market capitalization of $10.07 billion, a P/E ratio of 11.10 and a beta of 0.77. The business has a 50 day moving average price of $103.56 and a 200 day moving average price of $100.44.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its earnings results on Wednesday, October 21st. The company reported $2.30 EPS for the quarter, missing analysts' consensus estimates of $2.40 by ($0.10). The company had revenue of $685.43 million for the quarter, compared to analyst estimates of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same quarter last year, the company posted $2.58 EPS. Sell-side analysts anticipate that SouthState Bank Corporation will post 9.35 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, November 6th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, November 6th. SouthState Bank's dividend payout ratio is currently 28.12%.

SouthState Bank Profile

SouthState Bank is a regional bank and subsidiary of SouthState Corporation, a financial services company. It provides personal and business banking services, including deposit accounts, loans, mortgage lending, treasury management and wealth management.

The bank traces its history to 1934, when the First National Bank of Orangeburg opened in South Carolina. Its footprint is centered in the southeastern United States, with operations extending into Texas and Colorado following SouthState Corporation's combination with Independent Bank Group.

SouthState serves individuals, businesses and institutions through branches, digital banking and other financial services.

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