HBK Sorce Advisory LLC Sells 19,840 Shares of SouthState Bank Corporation $SSB

Key Points

• HBK Sorce Advisory LLC cut its SouthState Bank position by 60.2% in the fourth quarter, selling 19,840 shares and leaving it with 13,104 shares valued at about $1.23 million.
• SouthState Bank reported better-than-expected quarterly earnings of $2.28 per share, beating estimates, although revenue came in slightly below forecasts.
• The bank also announced a quarterly dividend of $0.60 per share, equivalent to a 2.5% annualized yield, while analysts overall maintain a Buy consensus with a $118.62 price target.

HBK Sorce Advisory LLC decreased its position in SouthState Bank Corporation (NYSE:SSB - Free Report) by 60.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 13,104 shares of the company's stock after selling 19,840 shares during the period. HBK Sorce Advisory LLC's holdings in SouthState Bank were worth $1,233,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in SSB. Covestor Ltd grew its holdings in shares of SouthState Bank by 385.1% in the third quarter. Covestor Ltd now owns 490 shares of the company's stock worth $49,000 after purchasing an additional 389 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new position in shares of SouthState Bank in the third quarter worth approximately $51,000. State of Wyoming grew its holdings in shares of SouthState Bank by 356.0% in the third quarter. State of Wyoming now owns 570 shares of the company's stock worth $56,000 after purchasing an additional 445 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in shares of SouthState Bank in the third quarter worth approximately $57,000. Finally, Danske Bank A S bought a new position in shares of SouthState Bank in the third quarter worth approximately $59,000. Institutional investors own 89.76% of the company's stock.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the sale, the director owned 12,700 shares in the company, valued at $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Truist Financial cut their target price on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Stephens raised their target price on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, January 26th. Barclays cut their target price on shares of SouthState Bank from $126.00 to $123.00 and set an "overweight" rating on the stock in a report on Monday, April 27th. Hovde Group raised their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Finally, Jefferies Financial Group raised their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $118.62.

SouthState Bank Stock Performance

NYSE:SSB opened at $94.69 on Tuesday. The stock has a market cap of $9.25 billion, a P/E ratio of 10.21 and a beta of 0.72. The firm's fifty day simple moving average is $94.58 and its 200 day simple moving average is $95.73. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to analysts' expectations of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the previous year, the business posted $0.87 earnings per share. As a group, research analysts predict that SouthState Bank Corporation will post 9.48 EPS for the current year.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.40 annualized dividend and a yield of 2.5%. SouthState Bank's payout ratio is 25.89%.

About SouthState Bank

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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