DMC Group LLC Acquires Shares of 3,421 SouthState Bank Corporation $SSB

Key Points

• DMC Group LLC has acquired 3,421 shares of SouthState Bank Corporation, valued at approximately $315,000, indicating growing interest from institutional investors in the bank.
• SouthState Bank recently raised its quarterly dividend from $0.54 to $0.60 per share, reflecting a positive outlook for shareholders with an annualized yield of 2.4%.
• Analysts are optimistic about SouthState Bank, with the consensus rating being a "Buy" and an average price target increase to $117.08.

DMC Group LLC acquired a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,421 shares of the company's stock, valued at approximately $315,000.

A number of other large investors have also recently modified their holdings of the stock. Rise Advisors LLC bought a new position in SouthState Bank in the first quarter worth about $33,000. Flaharty Asset Management LLC purchased a new position in shares of SouthState Bank during the 1st quarter worth approximately $45,000. Summit Securities Group LLC raised its position in shares of SouthState Bank by 81.5% in the 1st quarter. Summit Securities Group LLC now owns 688 shares of the company's stock worth $64,000 after acquiring an additional 309 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of SouthState Bank by 1,103.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock valued at $64,000 after purchasing an additional 640 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of SouthState Bank in the 1st quarter valued at approximately $67,000. Institutional investors own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Wall Street Zen raised SouthState Bank from a "sell" rating to a "hold" rating in a research note on Sunday, July 27th. Barclays upped their target price on shares of SouthState Bank from $117.00 to $120.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Hovde Group increased their price target on shares of SouthState Bank from $97.00 to $105.00 and gave the stock a "market perform" rating in a research note on Friday, July 25th. Weiss Ratings reissued a "buy (b-)" rating on shares of SouthState Bank in a research note on Saturday, September 27th. Finally, National Bankshares set a $127.00 price objective on shares of SouthState Bank in a report on Wednesday, September 24th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, SouthState Bank presently has a consensus rating of "Buy" and an average price target of $117.08.

Insiders Place Their Bets

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the transaction, the insider owned 31,785 shares in the company, valued at approximately $3,165,786. This represents a 13.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Janet P. Froetscher purchased 3,338 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were bought at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the acquisition, the director owned 8,294 shares in the company, valued at approximately $807,089.14. The trade was a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 8,338 shares of company stock valued at $786,321. Corporate insiders own 1.70% of the company's stock.

SouthState Bank Stock Performance

NYSE:SSB opened at $100.09 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $10.13 billion, a price-to-earnings ratio of 14.92 and a beta of 0.68. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $114.26. The company's 50-day moving average price is $98.83.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $2.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.00 by $0.30. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%. The firm had revenue of $664.77 million for the quarter, compared to the consensus estimate of $639.47 million.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were paid a dividend of $0.60 per share. The ex-dividend date was Friday, August 8th. This represents a $2.40 annualized dividend and a yield of 2.4%. This is a positive change from SouthState Bank's previous quarterly dividend of $0.54. SouthState Bank's dividend payout ratio (DPR) is 35.77%.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Bank Corporation (NYSE:SSB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.