SouthState Bank Corporation $SSB Shares Bought by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC grew its stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 8.0% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 125,923 shares of the company's stock after acquiring an additional 9,338 shares during the quarter. Mutual of America Capital Management LLC owned about 0.12% of SouthState Bank worth $11,589,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Blue Trust Inc. increased its stake in shares of SouthState Bank by 12.4% during the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company's stock valued at $91,000 after acquiring an additional 109 shares during the last quarter. IFP Advisors Inc increased its stake in shares of SouthState Bank by 14.2% during the 1st quarter. IFP Advisors Inc now owns 943 shares of the company's stock valued at $87,000 after acquiring an additional 117 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in shares of SouthState Bank by 5.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the company's stock valued at $220,000 after acquiring an additional 118 shares during the last quarter. Nicholson Wealth Management Group LLC increased its stake in shares of SouthState Bank by 1.8% during the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company's stock valued at $663,000 after acquiring an additional 125 shares during the last quarter. Finally, Fifth Third Bancorp increased its stake in shares of SouthState Bank by 14.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,090 shares of the company's stock valued at $100,000 after acquiring an additional 134 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SSB. Weiss Ratings reiterated a "buy (b-)" rating on shares of SouthState Bank in a report on Wednesday, October 8th. Hovde Group boosted their target price on SouthState Bank from $97.00 to $105.00 and gave the stock a "market perform" rating in a report on Friday, July 25th. Wall Street Zen upgraded SouthState Bank from a "sell" rating to a "hold" rating in a report on Sunday, July 27th. TD Cowen began coverage on SouthState Bank in a report on Thursday, September 25th. They set a "buy" rating and a $127.00 target price for the company. Finally, Cowen began coverage on SouthState Bank in a report on Wednesday, September 24th. They set a "buy" rating for the company. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $117.08.

SouthState Bank Stock Up 1.3%

NYSE SSB opened at $92.56 on Monday. The stock has a market cap of $9.37 billion, a PE ratio of 13.79 and a beta of 0.68. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $114.26. The business has a 50 day moving average of $99.24. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.94.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, July 24th. The company reported $2.30 earnings per share for the quarter, topping analysts' consensus estimates of $2.00 by $0.30. The firm had revenue of $664.77 million during the quarter, compared to analysts' expectations of $639.47 million. SouthState Bank had a return on equity of 10.23% and a net margin of 19.27%.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were issued a $0.60 dividend. The ex-dividend date was Friday, August 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. This is a boost from SouthState Bank's previous quarterly dividend of $0.54. SouthState Bank's dividend payout ratio (DPR) is currently 35.77%.

Insiders Place Their Bets

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider owned 31,785 shares in the company, valued at $3,165,786. This represents a 13.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director G Stacy Smith purchased 2,500 shares of the firm's stock in a transaction on Friday, August 1st. The stock was bought at an average price of $92.30 per share, with a total value of $230,750.00. Following the acquisition, the director owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 8,338 shares of company stock worth $786,321 in the last 90 days. 1.70% of the stock is owned by company insiders.

SouthState Bank Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.

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