SouthState Bank Corporation $SSB Stock Holdings Reduced by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its SouthState Bank stake by 21.4% in the third quarter, selling 200,863 shares. It retained 738,169 shares, worth about $74.3 million.
• SouthState’s latest quarterly results fell short of estimates: EPS was $2.30 versus a $2.40 consensus, while revenue was $685.4 million versus an expected $691.1 million.
• Analysts’ consensus rating remained Buy, with an average price target of $119.62. The bank also declared a quarterly dividend of $0.66 per share, equivalent to a 2.5% annualized yield.

Allspring Global Investments Holdings LLC reduced its position in SouthState Bank Corporation (NYSE:SSB - Free Report) by 21.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 738,169 shares of the company's stock after selling 200,863 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.76% of SouthState Bank worth $74,267,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in SouthState Bank during the 2nd quarter worth approximately $28,000. Provenance Wealth Advisors LLC acquired a new position in shares of SouthState Bank in the third quarter worth $47,000. FNY Investment Advisers LLC acquired a new position in shares of SouthState Bank in the second quarter worth $50,000. Trust Co. of Vermont acquired a new position in shares of SouthState Bank in the second quarter worth $65,000. Finally, Parallel Advisors LLC increased its position in shares of SouthState Bank by 421.6% during the first quarter. Parallel Advisors LLC now owns 772 shares of the company's stock worth $71,000 after acquiring an additional 624 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

NYSE:SSB opened at $106.09 on Tuesday. The firm has a market capitalization of $10.26 billion, a PE ratio of 11.30 and a beta of 0.77. The business's fifty day moving average price is $103.56 and its 200 day moving average price is $100.47. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.95 and a quick ratio of 0.95. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $112.20.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The business had revenue of $685.43 million for the quarter, compared to analyst estimates of $691.13 million. During the same period in the prior year, the company posted $2.58 earnings per share. On average, sell-side analysts anticipate that SouthState Bank Corporation will post 9.35 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, November 6th. SouthState Bank's dividend payout ratio is currently 28.12%.

Analyst Upgrades and Downgrades

Several research firms recently commented on SSB. Citigroup lowered their target price on SouthState Bank from $126.00 to $124.00 and set a "buy" rating for the company in a research note on Monday, October 26th. Weiss Ratings reiterated a "buy (b)" rating on shares of SouthState Bank in a research note on Monday, October 12th. JPMorgan Chase & Co. decreased their price objective on SouthState Bank from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Thursday, October 1st. Barclays boosted their price objective on SouthState Bank from $120.00 to $128.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 3rd. Finally, Wall Street Zen lowered shares of SouthState Bank from a "hold" rating to a "sell" rating in a research note on Saturday, October 24th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $119.62.

Insider Buying and Selling

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares of the company's stock, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is owned by corporate insiders.

About SouthState Bank

SouthState Bank is a regional bank and subsidiary of SouthState Corporation, a financial services company. It provides personal and business banking services, including deposit accounts, loans, mortgage lending, treasury management and wealth management.

The bank traces its history to 1934, when the First National Bank of Orangeburg opened in South Carolina. Its footprint is centered in the southeastern United States, with operations extending into Texas and Colorado following SouthState Corporation's combination with Independent Bank Group.

SouthState serves individuals, businesses and institutions through branches, digital banking and other financial services.

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