Northwestern Mutual Wealth Management Co. Has $2.10 Million Stock Holdings in SouthState Bank Corporation $SSB

Key Points

• Northwestern Mutual Wealth Management increased its SouthState Bank stake by 350.8% in the fourth quarter, ending with 22,315 shares valued at about $2.1 million.
• SouthState Bank posted solid quarterly results, reporting $2.28 EPS versus the $2.21 consensus estimate, while revenue came in slightly below expectations at $661.7 million.
• The bank also paid a quarterly dividend of $0.60 per share, and Wall Street remains generally positive with a consensus Buy rating and a target price around $118.62.

Northwestern Mutual Wealth Management Co. raised its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 350.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,315 shares of the company's stock after purchasing an additional 17,365 shares during the quarter. Northwestern Mutual Wealth Management Co.'s holdings in SouthState Bank were worth $2,100,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in SouthState Bank by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company's stock valued at $37,675,000 after purchasing an additional 16,974 shares during the last quarter. Vanguard Group Inc. lifted its holdings in SouthState Bank by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company's stock valued at $1,065,367,000 after purchasing an additional 130,358 shares during the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in SouthState Bank during the 3rd quarter valued at $1,465,000. First National Bank of Omaha acquired a new stake in SouthState Bank during the 3rd quarter valued at $2,521,000. Finally, Moody National Bank Trust Division acquired a new stake in SouthState Bank during the 4th quarter valued at $1,139,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, 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 corporate insiders.

SouthState Bank Stock Up 1.0%

Shares of NYSE SSB opened at $95.50 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The stock has a market capitalization of $9.33 billion, a P/E ratio of 10.30 and a beta of 0.72. The stock's fifty day moving average is $94.68 and its 200 day moving average is $95.79.

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

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank's payout ratio is currently 25.89%.

Wall Street Analysts Forecast Growth

SSB has been the subject of several research reports. JPMorgan Chase & Co. raised their price target on SouthState Bank from $110.00 to $115.00 and gave the company an "overweight" rating in a report on Thursday, May 21st. Truist Financial cut their price target on SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a report on Monday, April 27th. DA Davidson lifted their target price on SouthState Bank from $119.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, February 5th. Barclays dropped their target price on SouthState Bank from $126.00 to $123.00 and set an "overweight" rating for the company in a report on Monday, April 27th. Finally, TD Cowen dropped their target price on SouthState Bank from $117.00 to $114.00 and set a "buy" rating for the company in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $118.62.

SouthState Bank 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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