Deutsche Bank AG purchased a new stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 12,028 shares of the company's stock, valued at approximately $1,202,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of SouthState Bank during the 2nd quarter worth $28,000. Root Financial Partners LLC increased its position in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company's stock worth $39,000 after buying an additional 210 shares during the last quarter. FNY Investment Advisers LLC bought a new position in SouthState Bank during the second quarter valued at about $50,000. Measured Wealth Private Client Group LLC bought a new position in SouthState Bank during the third quarter valued at about $51,000. Finally, GHP Investment Advisors Inc. acquired a new stake in shares of SouthState Bank in the first quarter worth about $52,000. Institutional investors own 89.76% of the company's stock.
SouthState Bank Stock Up 0.0%
NYSE SSB opened at $106.00 on Monday. 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 $10.28 billion, a PE ratio of 11.15 and a beta of 0.71. The firm has a 50-day simple moving average of $104.31 and a 200 day simple moving average of $99.02. 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 announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The company had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. During the same quarter last year, the company earned $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 firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a dividend of $0.66 per share. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank's dividend payout ratio is presently 27.76%.
Insider Buying and Selling at SouthState Bank
In related news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were 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 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David R. Brooks sold 24,650 shares of the firm'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 transaction, the director owned 7,900 shares of the company's stock, valued at approximately $869,000. This represents a 75.73% decrease in their position. 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. Insiders own 1.70% of the company's stock.
Analyst Ratings Changes
A number of research analysts recently weighed in on SSB shares. Stephens reissued an "overweight" rating and issued a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. DA Davidson reiterated a "buy" rating and set a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th. Truist Financial boosted their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research note on Wednesday, July 1st. Finally, Piper Sandler lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an "overweight" rating in a report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank has a consensus rating of "Buy" and a consensus target price of $119.64.
View Our Latest Stock Analysis on SSB
About SouthState Bank
(
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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