SouthState Bank Corporation $SSB Stake Trimmed by California State Teachers Retirement System

California State Teachers Retirement System lowered its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 4.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 114,161 shares of the company's stock after selling 4,878 shares during the period. California State Teachers Retirement System owned about 0.12% of SouthState Bank worth $11,404,684 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SouthState Bank during the second quarter worth about $28,000. Root Financial Partners LLC grew its holdings in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company's stock worth $39,000 after acquiring an additional 210 shares during the last quarter. FNY Investment Advisers LLC bought a new position in shares of SouthState Bank during the second quarter valued at $50,000. GHP Investment Advisors Inc. bought a new stake in SouthState Bank during the 1st quarter worth approximately $52,000. Finally, Trust Co. of Vermont purchased a new stake in SouthState Bank in the 2nd quarter worth about $65,000. 89.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 24,650 shares of the stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 7,900 shares of the company's stock, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO William Matthews sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares of the company's stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 34,831 shares of company stock valued at $3,814,274 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on SSB shares. Citigroup boosted their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. UBS Group lowered shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price target for the company. in a report on Tuesday, July 7th. TD Cowen lifted their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a research note on Wednesday, July 1st. Finally, Barclays lowered their target price on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating 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 issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $119.64.

SouthState Bank Price Performance

SSB traded down $0.12 during trading hours on Tuesday, hitting $105.98. The company's stock had a trading volume of 180,489 shares, compared to its average volume of 828,657. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock has a market cap of $10.28 billion, a price-to-earnings ratio of 11.14 and a beta of 0.72. The business's 50-day moving average price is $105.68 and its 200-day moving average price is $99.24. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $112.20.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. During the same period in the previous year, the firm earned $2.30 EPS. Sell-side analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were issued a $0.66 dividend. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. 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%. SouthState Bank's dividend payout ratio is currently 27.76%.

SouthState Bank Company Profile

SouthState Bank is the principal banking subsidiary of SouthState Corporation NYSE: SSB, a regional financial institution headquartered in Winter Haven, Florida. The bank provides banking and financial services to individuals, families, businesses and institutions through a network of branches and digital banking channels.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit cards, treasury management, cash management and online and mobile banking.

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