Savant Capital LLC Trims Holdings in SouthState Bank Corporation $SSB

Key Points

• Savant Capital LLC cut its SouthState Bank position by 80.8% in the fourth quarter, selling 19,502 shares and leaving it with 4,631 shares worth about $436,000.
• SouthState Bank reported better-than-expected earnings for the quarter, posting $2.28 EPS versus the $2.21 consensus, though revenue came in slightly below estimates at $661.7 million.
• The bank paid a $0.60 quarterly dividend, equal to an annualized yield of about 2.5%, while analysts currently maintain a Buy consensus with an average price target of $118.62.

Savant Capital LLC trimmed its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 80.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,631 shares of the company's stock after selling 19,502 shares during the quarter. Savant Capital LLC's holdings in SouthState Bank were worth $436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Jane Street Group LLC grew its holdings in SouthState Bank by 4.6% in the first quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock worth $7,703,000 after purchasing an additional 3,678 shares during the period. M&T Bank Corp purchased a new position in shares of SouthState Bank during the second quarter valued at approximately $245,000. Arrowstreet Capital Limited Partnership boosted its position in shares of 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 in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of 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 in the last quarter. Finally, Jump Financial LLC purchased a new stake in shares of SouthState Bank in the 2nd quarter worth approximately $919,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

Shares of SSB opened at $94.98 on Friday. The company has a market cap of $9.28 billion, a price-to-earnings ratio of 10.25 and a beta of 0.70. The business's fifty day simple moving average is $95.23 and its two-hundred day simple moving average is $96.05. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $669.29 million. During the same quarter in the previous year, the business earned $0.87 earnings per share. Research analysts anticipate that SouthState Bank Corporation will post 9.49 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. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. SouthState Bank's payout ratio is 25.89%.

Insider Transactions at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the firm's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares of the company's stock, valued at $1,249,553. This trade represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on SSB shares. Truist Financial reduced their price objective on SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Barclays cut their target price on SouthState Bank from $126.00 to $123.00 and set an "overweight" rating on the stock in a research note on Monday, April 27th. 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. Weiss Ratings lowered SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, May 26th. Finally, Hovde Group upped their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. One equities research 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.com, the company presently has an average rating of "Buy" and a consensus price target of $118.62.

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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