Oliver Luxxe Assets LLC Sells 11,761 Shares of SouthState Bank Corporation $SSB

Key Points

• Oliver Luxxe Assets LLC cut its SouthState Bank stake by 33% in the second quarter, selling 11,761 shares and retaining 23,836 shares valued at approximately $2.38 million. Institutional investors collectively own 89.76% of the company.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $119.64 versus the stock’s recent $108.21 price. SouthState Bank recently posted quarterly EPS of $2.35, exceeding estimates of $2.31.
• SouthState Bank increased its quarterly dividend from $0.60 to $0.66 per share, representing an annualized payout of $2.64 and a 2.4% yield.

Oliver Luxxe Assets LLC lowered its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 33.0% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,836 shares of the company's stock after selling 11,761 shares during the quarter. Oliver Luxxe Assets LLC's holdings in SouthState Bank were worth $2,381,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in SSB. Jane Street Group LLC increased its holdings in SouthState Bank by 4.6% during the first quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock valued at $7,703,000 after buying an additional 3,678 shares during the last quarter. M&T Bank Corp purchased a new stake in shares of SouthState Bank in the 2nd quarter worth $245,000. Arrowstreet Capital Limited Partnership raised its holdings in SouthState Bank by 1,801.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock worth $5,825,000 after purchasing an additional 59,962 shares during the period. EverSource Wealth Advisors LLC raised its holdings in SouthState Bank by 31.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock worth $176,000 after purchasing an additional 452 shares during the period. Finally, Jump Financial LLC purchased a new position in SouthState Bank during the second quarter valued at $919,000. Institutional investors own 89.76% of the company's stock.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 24,650 shares of the firm's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares of the company's stock, valued at approximately $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

Several analysts have issued reports on SSB shares. Weiss Ratings raised SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 14th. UBS Group downgraded SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price objective on the stock. in a research note on Tuesday, July 7th. Truist Financial lifted their price objective on SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Barclays cut their price objective on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a research note on Tuesday, July 7th. Finally, 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. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $119.64.

SouthState Bank Stock Down 0.3%

NYSE SSB opened at $108.21 on Friday. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $110.46. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock has a market cap of $10.49 billion, a PE ratio of 11.38 and a beta of 0.71. The stock's 50 day moving average is $100.55 and its 200 day moving average is $98.43.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. The business had revenue of $672.67 million during the quarter, compared to analyst estimates 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 last year, the firm posted $2.30 EPS. Research analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be paid a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.4%. SouthState Bank's dividend payout ratio is 25.24%.

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source