Allspring Global Investments Holdings LLC Decreases Holdings in SouthState Bank Corporation $SSB

Key Points

• Allspring Global Investments reduced its SouthState Bank stake by 6.7% in the first quarter, selling 77,007 shares and leaving it with 1,078,066 shares worth about $100.9 million.
• SouthState Bank reported better-than-expected quarterly earnings of $2.28 per share versus the $2.21 estimate, though revenue came in slightly below forecasts at $661.7 million.
• Analysts remain mostly positive on the stock, with a Moderate Buy consensus and an average price target of $117.50; the company also pays a quarterly dividend of $0.60 per share, or $2.40 annually.

Allspring Global Investments Holdings LLC lessened its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 6.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,078,066 shares of the company's stock after selling 77,007 shares during the period. Allspring Global Investments Holdings LLC owned about 1.10% of SouthState Bank worth $100,918,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Nicholas Hoffman & Company LLC. boosted its holdings in SouthState Bank by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company's stock valued at $1,555,000 after acquiring an additional 111 shares in the last quarter. HB Wealth Management LLC grew its stake in SouthState Bank by 0.7% in the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company's stock worth $1,670,000 after purchasing an additional 129 shares during the period. MML Investors Services LLC lifted its position in SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company's stock valued at $222,000 after buying an additional 131 shares during the period. FourThought Financial Partners LLC boosted its holdings in shares of SouthState Bank by 5.8% during the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company's stock valued at $239,000 after buying an additional 139 shares in the last quarter. Finally, Inspire Investing LLC increased its stake in shares of SouthState Bank by 5.0% in the 1st quarter. Inspire Investing LLC now owns 3,641 shares of the company's stock worth $337,000 after acquiring an additional 172 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SSB shares. DA Davidson restated a "buy" rating and issued a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. Truist Financial cut their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Hovde Group lifted their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. TD Cowen decreased their price target on SouthState Bank from $117.00 to $114.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their price target on SouthState Bank from $115.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $117.50.

SouthState Bank Stock Performance

NYSE SSB opened at $103.06 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $108.46. The business has a 50 day simple moving average of $97.00 and a two-hundred day simple moving average of $97.47. The stock has a market capitalization of $10.07 billion, a PE ratio of 11.12 and a beta of 0.70.

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 for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The company had revenue of $661.70 million for the quarter, compared to analysts' expectations of $669.28 million. During the same quarter in the previous year, the business posted $0.87 earnings per share. On average, research analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.3%. SouthState Bank's dividend payout ratio (DPR) is presently 25.89%.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Company 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.

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