Bessemer Group Inc. Has $25.10 Million Stock Holdings in SouthState Bank Corporation $SSB

Key Points

• Bessemer Group Inc. reduced its SouthState Bank stake by 5.1% in the first quarter, but still held 271,276 shares worth about $25.1 million as of its latest filing.
• SouthState Bank reported Q1 earnings of $2.28 per share, topping analyst estimates of $2.21, though revenue came in slightly below expectations at $661.7 million.
• The company paid a quarterly dividend of $0.60 per share and maintains a yield of about 2.3%; analysts currently rate the stock a Moderate Buy with an average price target of $117.50.

Bessemer Group Inc. trimmed its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 5.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 271,276 shares of the company's stock after selling 14,441 shares during the period. Bessemer Group Inc. owned 0.28% of SouthState Bank worth $25,098,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Root Financial Partners LLC boosted its holdings in SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company's stock worth $39,000 after purchasing an additional 210 shares in the last quarter. Measured Wealth Private Client Group LLC bought a new position in SouthState Bank during the third quarter valued at about $51,000. GHP Investment Advisors Inc. bought a new position in SouthState Bank during the first quarter valued at about $52,000. Danske Bank A S acquired a new stake in shares of SouthState Bank in the third quarter worth about $59,000. Finally, Harbour Investments Inc. acquired a new stake in shares of SouthState Bank in the fourth quarter worth about $68,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Insider Activity

In other 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 transaction of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares of the company's stock, valued at approximately $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.70% of the company's stock.

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $103.06 on Friday. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46. The company has a market cap of $10.07 billion, a P/E ratio of 11.12 and a beta of 0.70. The business's 50 day moving average is $97.00 and its two-hundred day moving average is $97.47. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The company had revenue of $661.70 million during the quarter, compared to analysts' expectations of $669.28 million. During the same period in the prior year, the business earned $0.87 earnings per share. On average, equities analysts expect that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders 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 annualized dividend and a dividend yield of 2.3%. SouthState Bank's payout ratio is presently 25.89%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SSB shares. DA Davidson reissued a "buy" rating and set a $125.00 price objective on shares of SouthState Bank in a report on Wednesday, June 10th. Weiss Ratings upgraded SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday. Truist Financial decreased their target price on SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a research report on Monday, April 27th. JPMorgan Chase & Co. increased 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. Finally, UBS Group lowered shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price target on the stock. in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $117.50.

SouthState Bank 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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