Strs Ohio Decreases Holdings in SouthState Bank Corporation $SSB

Key Points

• Strs Ohio trimmed its stake in SouthState by 18.3% in Q4, selling 16,796 shares and leaving it with 75,158 shares (about 0.07% of the company) worth roughly $7.07 million.
• SouthState reported an EPS beat of $2.28 vs. $2.21 consensus while revenue slightly missed, and the bank declared a quarterly dividend of $0.60 (annualized $2.40, ~2.5% yield).
• Institutional ownership is high at 89.76%, though insider activity included Director David R. Brooks selling 14,300 shares, a 52.96% reduction in his position.

Strs Ohio trimmed its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 18.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 75,158 shares of the company's stock after selling 16,796 shares during the quarter. Strs Ohio owned 0.07% of SouthState Bank worth $7,073,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. New York State Teachers Retirement System raised its position in shares of SouthState Bank by 31.9% during the 4th quarter. New York State Teachers Retirement System now owns 20,344 shares of the company's stock valued at $1,915,000 after buying an additional 4,917 shares in the last quarter. State of New Jersey Common Pension Fund D raised its position in shares of SouthState Bank by 7.9% during the 4th quarter. State of New Jersey Common Pension Fund D now owns 25,039 shares of the company's stock valued at $2,356,000 after buying an additional 1,838 shares in the last quarter. Keybank National Association OH raised its position in shares of SouthState Bank by 4.4% during the 4th quarter. Keybank National Association OH now owns 5,943 shares of the company's stock valued at $559,000 after buying an additional 253 shares in the last quarter. Vest Financial LLC raised its position in shares of SouthState Bank by 18.7% during the 4th quarter. Vest Financial LLC now owns 62,571 shares of the company's stock valued at $5,889,000 after buying an additional 9,863 shares in the last quarter. Finally, Oakworth Capital Inc. raised its position in shares of SouthState Bank by 461.4% during the 4th quarter. Oakworth Capital Inc. now owns 2,122 shares of the company's stock valued at $200,000 after buying an additional 1,744 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

Shares of SSB stock opened at $96.43 on Tuesday. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.92 and a quick ratio of 0.92. The company has a market capitalization of $9.46 billion, a P/E ratio of 10.40 and a beta of 0.72. The company's 50-day simple moving average is $95.62 and its two-hundred day simple moving average is $95.37. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping analysts' consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the prior year, the firm earned $0.87 EPS. As a group, equities analysts anticipate that SouthState Bank Corporation will post 9.46 EPS for the current year.

SouthState Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 8th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, May 8th. SouthState Bank's dividend payout ratio is currently 25.89%.

Analysts Set New Price Targets

Several equities analysts recently commented on SSB shares. Stephens upped their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an "overweight" rating in a report on Monday, January 26th. DA Davidson upped their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Truist Financial cut their price target on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating on the stock in a report on Monday, April 27th. Jefferies Financial Group upped their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the company a "buy" rating in a report on Monday, February 2nd. Finally, TD Cowen cut their price target on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating on the stock in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, SouthState Bank has a consensus rating of "Buy" and a consensus price target of $118.36.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is owned by corporate 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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