Jefferies Financial Group Inc. Purchases Shares of 11,050 SouthState Bank Corporation $SSB

Key Points

• Jefferies Financial Group acquired 11,050 shares of SouthState Bank worth approximately $1.1 million, while institutional investors collectively own 89.76% of the company.
• Analysts remain broadly bullish on SSB, with an average rating of “Buy” and a consensus price target of $119.64; recent targets range from $116 to $125.
• SouthState Bank raised its quarterly dividend from $0.60 to $0.66 per share, representing a $2.64 annualized payout and a 2.5% yield. The company also exceeded quarterly EPS expectations, reporting $2.35 versus the $2.31 consensus estimate.

Jefferies Financial Group Inc. purchased a new stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,050 shares of the company's stock, valued at approximately $1,104,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in SSB. Public Employees Retirement System of Ohio purchased a new stake in SouthState Bank during the second quarter valued at approximately $3,099,000. Capstone Investment Advisors LLC bought a new position in SouthState Bank in the 2nd quarter worth $939,000. Corient Private Wealth LP purchased a new position in SouthState Bank during the second quarter valued at $1,688,000. Bank of America Corp DE purchased a new position in SouthState Bank during the second quarter valued at $59,792,000. Finally, Basswood Capital Management L.L.C. bought a new stake in SouthState Bank during the second quarter valued at about $28,075,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

SSB has been the topic of several recent research reports. Stephens reaffirmed an "overweight" rating and issued a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. Piper Sandler increased 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. Weiss Ratings raised shares of SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 14th. TD Cowen upped their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Finally, Truist Financial increased their target price on SouthState Bank from $108.00 to $118.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $119.64.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares of the company's stock, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David R. Brooks sold 24,650 shares of the stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares in the company, valued at $869,000. The trade was a 75.73% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 34,831 shares of company stock valued at $3,814,274. Company insiders own 1.70% of the company's stock.

SouthState Bank Price Performance

SSB stock opened at $106.00 on Monday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The firm has a market capitalization of $10.28 billion, a P/E ratio of 11.15 and a beta of 0.71. The company has a fifty day simple moving average of $104.31 and a two-hundred day simple moving average 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 0.06.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analysts' expectations of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same period in the prior year, the company earned $2.30 EPS. Analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's dividend payout ratio is 27.76%.

SouthState Bank Company Profile

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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