2,723 Shares in SouthState Bank Corporation $SSB Purchased by William Blair Investment Management LLC

Key Points

• William Blair Investment Management LLC acquired 2,723 shares of SouthState Bank Corporation ($SSB) during Q2, valued at approximately $251,000.
• SouthState Bank's shares received multiple "buy" ratings from research firms, with Citigroup increasing their price target to $117.00.
• SouthState Bank recently announced a quarterly dividend of $0.60, representing a yield of 2.5%, reflecting an increase from the previous dividend of $0.54.

William Blair Investment Management LLC purchased a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 2,723 shares of the company's stock, valued at approximately $251,000.

Other hedge funds also recently bought and sold shares of the company. Rise Advisors LLC bought a new position in SouthState Bank in the 1st quarter worth about $33,000. Flaharty Asset Management LLC bought a new position in SouthState Bank during the 1st quarter valued at about $45,000. TFC Financial Management Inc. lifted its stake in SouthState Bank by 49,800.0% during the 2nd quarter. TFC Financial Management Inc. now owns 499 shares of the company's stock valued at $46,000 after acquiring an additional 498 shares during the period. Summit Securities Group LLC lifted its stake in SouthState Bank by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the company's stock valued at $64,000 after acquiring an additional 309 shares during the period. Finally, Smartleaf Asset Management LLC lifted its stake in SouthState Bank by 1,103.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock valued at $64,000 after acquiring an additional 640 shares during the period. Institutional investors own 89.76% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on SSB. Citigroup restated a "buy" rating and set a $117.00 target price (up previously from $113.00) on shares of SouthState Bank in a research note on Monday, July 28th. Cowen began coverage on shares of SouthState Bank in a research note on Wednesday, September 24th. They set a "buy" rating on the stock. Weiss Ratings restated a "buy (b-)" rating on shares of SouthState Bank in a research note on Wednesday, October 8th. DA Davidson upped their target price on shares of SouthState Bank from $115.00 to $117.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Finally, Hovde Group upped their target price on shares of SouthState Bank from $97.00 to $105.00 and gave the company a "market perform" rating in a research note on Friday, July 25th. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of "Buy" and an average price target of $117.08.

Insider Buying and Selling

In other news, Director Janet P. Froetscher bought 3,338 shares of SouthState Bank stock in a transaction that occurred on Wednesday, July 30th. The stock was bought at an average cost of $97.31 per share, with a total value of $324,820.78. Following the acquisition, the director owned 8,294 shares of the company's stock, valued at $807,089.14. The trade was a 67.35% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the sale, the insider directly owned 31,785 shares of the company's stock, valued at $3,165,786. This represents a 13.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders bought 8,338 shares of company stock valued at $786,321. 1.70% of the stock is owned by corporate insiders.

SouthState Bank Stock Up 2.3%

Shares of NYSE:SSB opened at $94.62 on Tuesday. The business has a 50 day simple moving average of $99.29. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $114.26. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.04. The company has a market cap of $9.58 billion, a PE ratio of 14.10 and a beta of 0.68.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $2.30 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.30. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%. The firm had revenue of $664.77 million for the quarter, compared to analysts' expectations of $639.47 million.

SouthState Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Friday, August 8th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.40 annualized dividend and a yield of 2.5%. This is a positive change from SouthState Bank's previous quarterly dividend of $0.54. SouthState Bank's payout ratio is currently 35.77%.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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