Beacon Pointe Advisors LLC Makes New Investment in SouthState Bank Corporation $SSB

Beacon Pointe Advisors LLC purchased a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 28,572 shares of the company's stock, valued at approximately $2,854,000.

A number of other large investors also recently modified their holdings of SSB. Vanguard Group Inc. lifted its holdings in SouthState Bank by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company's stock worth $1,029,315,000 after purchasing an additional 161,928 shares during the period. BlackRock Inc. acquired a new position in SouthState Bank during the 2nd quarter valued at about $981,557,000. Dimensional Fund Advisors LP raised its position in shares of SouthState Bank by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company's stock worth $456,554,000 after buying an additional 205,355 shares in the last quarter. Geode Capital Management LLC raised its position in shares of SouthState Bank by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company's stock worth $175,653,000 after buying an additional 85,981 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in shares of SouthState Bank by 3.6% in the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company's stock worth $155,068,000 after acquiring an additional 56,693 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the sale, the director owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares of the company's stock, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 in the last three months. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Price Performance

Shares of NYSE:SSB opened at $106.00 on Friday. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20. The stock has a fifty day moving average of $104.31 and a 200-day moving average of $99.08. The company has a market capitalization of $10.28 billion, a PE ratio of 11.15 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The business had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period last year, the company posted $2.30 EPS. As a group, equities analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a $0.66 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's dividend payout ratio (DPR) is 27.76%.

Analyst Upgrades and Downgrades

SSB has been the subject of a number of research analyst reports. Barclays cut their target price on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a research report on Tuesday, July 7th. TD Cowen upped their price objective on SouthState Bank from $114.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Citigroup raised their target price on SouthState Bank from $115.00 to $126.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. DA Davidson reaffirmed a "buy" rating and set a $125.00 target price on shares of SouthState Bank in a report on Wednesday, June 10th. Finally, UBS Group lowered SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price on the stock. in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $119.64.

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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