Corient Private Wealth LP acquired a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 16,901 shares of the company's stock, valued at approximately $1,688,000.
Other large investors have also recently added to or reduced their stakes in the company. Jane Street Group LLC raised its position in shares of SouthState Bank by 4.6% in the first quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock valued at $7,703,000 after purchasing an additional 3,678 shares during the period. M&T Bank Corp bought a new stake in shares of SouthState Bank during the 2nd quarter worth $245,000. Arrowstreet Capital Limited Partnership grew its stake in SouthState Bank by 1,801.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock valued at $5,825,000 after buying an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in SouthState Bank by 31.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $176,000 after buying an additional 452 shares during the last quarter. Finally, Jump Financial LLC bought a new position in SouthState Bank in the 2nd quarter worth $919,000. Institutional investors own 89.76% of the company's stock.
Analysts Set New Price Targets
A number of research analysts have weighed in on SSB shares. JPMorgan Chase & Co. boosted their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Stephens reiterated an "overweight" rating and issued a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. UBS Group cut SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price objective for the company. in a research report on Tuesday, July 7th. Piper Sandler increased their target price on SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Finally, Truist Financial raised their target price on SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, SouthState Bank presently has an average rating of "Buy" and an average price target of $119.64.
View Our Latest Stock Analysis on SSB
Insiders Place Their Bets
In related news, CFO William E. V. Matthews sold 4,000 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David Brooks sold 24,650 shares of the firm's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value 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 trade represents a 75.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 34,831 shares of company stock valued at $3,814,274 over the last 90 days. 1.70% of the stock is currently owned by corporate insiders.
SouthState Bank Stock Up 0.8%
NYSE SSB opened at $107.18 on Friday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a 50-day simple moving average of $104.83 and a 200 day simple moving average of $99.07. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20. The stock has a market cap of $10.39 billion, a PE ratio of 11.27 and a beta of 0.72.
SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The firm had revenue of $672.67 million during the quarter, compared to analysts' expectations of $676.83 million. During the same quarter in the prior year, the firm posted $2.30 EPS. On average, research analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current year.
SouthState Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were given a dividend of $0.66 per share. This is a boost from SouthState Bank's previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank's dividend payout ratio (DPR) is presently 27.76%.
SouthState Bank Company Profile
(
Free Report)
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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