Retirement Systems of Alabama Reduces Position in SouthState Bank Corporation $SSB

Key Points

• Retirement Systems of Alabama reduced its SouthState Bank stake by 7.7%, selling 20,521 shares and retaining 244,935 shares worth approximately $24.5 million. Institutional investors collectively own 89.76% of SSB.
• Analysts maintain a favorable outlook, with one Strong Buy, eleven Buy, and two Hold ratings. The stock has an average price target of $119.64, compared with an opening price of $110.98.
• SouthState Bank reported quarterly EPS of $2.35, exceeding estimates, and raised its quarterly dividend from $0.60 to $0.66 per share, equivalent to a 2.4% annual yield.

Retirement Systems of Alabama decreased its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 7.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 244,935 shares of the company's stock after selling 20,521 shares during the quarter. Retirement Systems of Alabama owned 0.25% of SouthState Bank worth $24,469,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SSB. Root Financial Partners LLC lifted its stake in shares of SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company's stock worth $39,000 after acquiring an additional 210 shares during the last quarter. FNY Investment Advisers LLC bought a new position in SouthState Bank in the 2nd quarter valued at $50,000. Measured Wealth Private Client Group LLC purchased a new stake in SouthState Bank in the third quarter worth $51,000. GHP Investment Advisors Inc. purchased a new stake in SouthState Bank in the first quarter worth $52,000. Finally, Danske Bank A S bought a new stake in shares of SouthState Bank during the third quarter worth $59,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SSB has been the subject of several research reports. Hovde Group boosted their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Truist Financial increased their target price on SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. UBS Group downgraded SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price target on the stock. in a report on Tuesday, July 7th. Fundamental Research set a $120.00 price target on SouthState Bank in a research report on Wednesday, July 1st. Finally, Citigroup upped their price objective on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. One research 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 MarketBeat, SouthState Bank presently has an average rating of "Moderate Buy" and an average target price of $119.64.

SouthState Bank Price Performance

NYSE SSB opened at $110.98 on Friday. The firm's fifty day simple moving average is $101.87 and its two-hundred day simple moving average is $98.73. The firm has a market capitalization of $10.76 billion, a P/E ratio of 11.67 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $111.74.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same quarter in the prior year, the business posted $2.30 EPS. Analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's payout ratio is 27.76%.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the business's stock in a transaction that occurred 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 sale, the director owned 7,900 shares of the company's stock, valued at approximately $869,000. The trade was a 75.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is owned by company insiders.

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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