Fifth Third Wealth Advisors LLC Increases Stock Holdings in SouthState Bank Corporation $SSB

Key Points

• Fifth Third Wealth Advisors LLC increased its stake in SouthState Bank Corporation by 980.3% in Q2, raising its holdings to 36,061 shares, valued at approximately $3.32 million.
• Several institutional investors, including Vanguard Group Inc. and Dimensional Fund Advisors LP, also significantly boosted their holdings in SouthState Bank during the first quarter.
• SouthState Bank recently declared a quarterly dividend of $0.60, up from the previous $0.54, reflecting a positive change and a dividend yield of 2.6%.

Fifth Third Wealth Advisors LLC lifted its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 980.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 36,061 shares of the company's stock after purchasing an additional 32,723 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in SouthState Bank were worth $3,319,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSB. Vanguard Group Inc. boosted its holdings in shares of SouthState Bank by 31.2% in the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company's stock worth $1,028,406,000 after purchasing an additional 2,637,786 shares during the period. Dimensional Fund Advisors LP boosted its holdings in SouthState Bank by 34.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company's stock valued at $422,915,000 after acquiring an additional 1,164,348 shares during the period. Nuveen LLC purchased a new position in SouthState Bank during the 1st quarter valued at $62,230,000. FJ Capital Management LLC boosted its holdings in SouthState Bank by 286.3% during the 1st quarter. FJ Capital Management LLC now owns 556,226 shares of the company's stock valued at $51,629,000 after acquiring an additional 412,242 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in SouthState Bank by 38.2% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,437,262 shares of the company's stock valued at $133,407,000 after acquiring an additional 397,371 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Transactions at SouthState Bank

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. DA Davidson boosted their price objective on SouthState Bank from $115.00 to $117.00 and gave the company a "buy" rating in a report on Monday, July 28th. Cowen assumed coverage on SouthState Bank in a report on Wednesday, September 24th. They set a "buy" rating for the company. Weiss Ratings restated a "buy (b-)" rating on shares of SouthState Bank in a report on Wednesday. Citigroup restated a "buy" rating and set a $117.00 price objective (up previously from $113.00) on shares of SouthState Bank in a report on Monday, July 28th. Finally, Hovde Group boosted their price objective on SouthState Bank from $97.00 to $105.00 and gave the company a "market perform" rating in a report on Friday, July 25th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $117.08.

SouthState Bank Trading Down 5.0%

Shares of SSB stock opened at $93.88 on Friday. SouthState Bank Corporation has a twelve month low of $77.74 and a twelve month high of $114.26. The stock has a market cap of $9.50 billion, a PE ratio of 13.99 and a beta of 0.68. The stock has a fifty day moving average price of $99.02. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.04.

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

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were given a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 8th. This is a positive change from SouthState Bank's previous quarterly dividend of $0.54. SouthState Bank's dividend payout ratio is presently 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.

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