SouthState Bank Corporation $SSB Shares Purchased by Franklin Resources Inc.

Key Points

• Franklin Resources increased its SouthState Bank stake by 1.0% in the fourth quarter, holding about 1.62 million shares valued at roughly $152.8 million. Institutional investors remain heavily involved, owning 89.76% of the company.
• SouthState Bank reported better-than-expected quarterly earnings of $2.28 per share, topping analyst estimates, though revenue came in slightly below expectations. Analysts still broadly remain positive, with a consensus Buy rating and an average price target of $118.62.
• The company recently paid a quarterly dividend of $0.60 per share, implying an annualized yield of about 2.5%. Meanwhile, Director David R. Brooks sold 14,300 shares, reducing his ownership by about 53%.

Franklin Resources Inc. boosted its position in SouthState Bank Corporation (NYSE:SSB - Free Report) by 1.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,623,728 shares of the company's stock after buying an additional 15,787 shares during the period. Franklin Resources Inc. owned approximately 1.62% of SouthState Bank worth $152,809,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of the company. Measured Wealth Private Client Group LLC purchased a new stake in SouthState Bank in the 3rd quarter worth approximately $51,000. State of Wyoming raised its stake in SouthState Bank by 356.0% in the 3rd quarter. State of Wyoming now owns 570 shares of the company's stock valued at $56,000 after purchasing an additional 445 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in SouthState Bank in the 3rd quarter valued at $57,000. Danske Bank A S acquired a new stake in shares of SouthState Bank in the 3rd quarter worth $59,000. Finally, Harbour Investments Inc. acquired a new stake in shares of SouthState Bank in the 4th quarter worth $68,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the firm's stock in a transaction on 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 completion of the transaction, the director owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SSB shares. TD Cowen lowered their target price on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating for the company in a research note on Monday, April 27th. DA Davidson reiterated a "buy" rating and issued a $125.00 price objective on shares of SouthState Bank in a research note on Wednesday. Truist Financial decreased their price objective on SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a research note on Monday, April 27th. Weiss Ratings cut SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, May 26th. Finally, 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 report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $118.62.

SouthState Bank Trading Up 1.2%

SSB opened at $96.78 on Thursday. The firm has a market cap of $9.45 billion, a price-to-earnings ratio of 10.44 and a beta of 0.70. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The business's 50 day moving average is $95.61 and its two-hundred day moving average is $96.32. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04.

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. The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the previous year, the company posted $0.87 earnings per share. On average, research analysts predict that SouthState Bank Corporation will post 9.49 EPS for the current year.

SouthState Bank Announces Dividend

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

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.

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.