Allspring Global Investments Holdings LLC Increases Stock Position in SouthState Bank Corporation $SSB

Key Points

• Allspring Global Investments Holdings LLC increased its stake in SouthState Bank Corporation by 2.6%, now owning approximately 1.10% of the company, valued at around $106.8 million.
• SouthState Bank's recent quarterly earnings report showed an EPS of $2.30, exceeding analysts' expectations, with a revenue of $664.77 million for the quarter.
• The bank has raised its quarterly dividend to $0.60, reflecting a 2.5% yield, up from the previous $0.54 per share, with a payout ratio of 35.77%.

Allspring Global Investments Holdings LLC lifted its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 2.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,121,392 shares of the company's stock after buying an additional 28,216 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.10% of SouthState Bank worth $106,824,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Rise Advisors LLC purchased a new position in shares of SouthState Bank in the first quarter valued at $33,000. Flaharty Asset Management LLC purchased a new position in shares of SouthState Bank in the first quarter valued at $45,000. Summit Securities Group LLC grew its position in shares of SouthState Bank by 81.5% in the first quarter. Summit Securities Group LLC now owns 688 shares of the company's stock valued at $64,000 after purchasing an additional 309 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of SouthState Bank by 1,103.4% in the first quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock valued at $64,000 after purchasing an additional 640 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of SouthState Bank in the first quarter valued at $67,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

SSB stock opened at $96.24 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $114.26. The stock has a market cap of $9.74 billion, a PE ratio of 14.34 and a beta of 0.68. The business has a 50 day moving average of $99.07.

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

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. This is a boost from SouthState Bank's previous quarterly dividend of $0.54. SouthState Bank's dividend payout ratio is presently 35.77%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

SSB has been the topic of a number of analyst reports. TD Cowen initiated coverage on shares of SouthState Bank in a report on Thursday, September 25th. They set a "buy" rating and a $127.00 target price on the stock. Citigroup reaffirmed a "buy" rating and set a $117.00 target price (up previously from $113.00) on shares of SouthState Bank in a report on Monday, July 28th. DA Davidson upped their target price on shares of SouthState Bank from $115.00 to $117.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of SouthState Bank in a report on Wednesday, October 8th. Finally, Barclays upped their target price on shares of SouthState Bank from $117.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Three equities 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 company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $117.08.

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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