Strs Ohio Buys 93,744 Shares of SouthState Bank Corporation $SSB

Key Points

• Strs Ohio significantly boosted its SouthState Bank stake in the first quarter, buying 93,744 additional shares and increasing its position by 124.7% to 168,902 shares worth about $15.6 million.
• Analysts remain mostly positive on SSB, with JPMorgan raising its price target to $120 and the consensus rating staying at “Buy” with an average target of $118.71.
• SouthState Bank reported solid earnings and pays a dividend, posting $2.28 EPS for the quarter, ahead of estimates, while its quarterly dividend of $0.60 implies a 2.4% annual yield.

Strs Ohio lifted its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 124.7% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 168,902 shares of the company's stock after purchasing an additional 93,744 shares during the quarter. Strs Ohio owned about 0.17% of SouthState Bank worth $15,627,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Nicholas Hoffman & Company LLC. lifted its position in SouthState Bank by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company's stock worth $1,555,000 after buying an additional 111 shares during the last quarter. MML Investors Services LLC increased its position in SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company's stock valued at $222,000 after acquiring an additional 131 shares during the last quarter. FourThought Financial Partners LLC increased its position in SouthState Bank by 5.8% during the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company's stock valued at $239,000 after acquiring an additional 139 shares during the last quarter. Inspire Investing LLC raised its stake in shares of SouthState Bank by 5.0% in the first quarter. Inspire Investing LLC now owns 3,641 shares of the company's stock valued at $337,000 after acquiring an additional 172 shares during the period. Finally, First Horizon Corp raised its stake in shares of SouthState Bank by 27.8% in the fourth quarter. First Horizon Corp now owns 813 shares of the company's stock valued at $77,000 after acquiring an additional 177 shares during the period. Institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on SSB. JPMorgan Chase & Co. lifted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an "overweight" rating in a research note on Wednesday. Wall Street Zen raised shares of SouthState Bank from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Weiss Ratings downgraded shares of SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, May 26th. Barclays dropped their target price on SouthState Bank from $126.00 to $123.00 and set an "overweight" rating for the company in a research report on Monday, April 27th. Finally, Truist Financial cut their target price on SouthState Bank from $110.00 to $108.00 and set a "buy" rating on the stock in a research note on Monday, April 27th. One research 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 MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $118.71.

SouthState Bank Trading Down 0.1%

NYSE SSB opened at $100.03 on Friday. The stock has a market cap of $9.77 billion, a PE ratio of 10.79 and a beta of 0.70. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46. The company's 50-day moving average price is $96.32 and its 200-day moving average price is $97.19. 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 released its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.07. The company had revenue of $661.70 million during the quarter, compared to analysts' expectations of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the previous year, the company earned $0.87 EPS. Equities research analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState Bank's dividend payout ratio is 25.89%.

Insider Transactions at SouthState Bank

In other SouthState Bank 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 transaction of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.70% of the stock is currently owned by company insiders.

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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