TD Asset Management Inc Has $4.60 Million Stake in SouthState Bank Corporation $SSB

Key Points

• TD Asset Management Inc increased its stake in SouthState Bank Corporation by 8.8%, owning 50,008 shares valued at $4.60 million as of the latest SEC filing.
• SouthState Bank recently raised its quarterly dividend from $0.54 to $0.60, reflecting a 2.5% dividend yield and a payout ratio of 35.77%.
• Shares of SouthState Bank stock have seen a valuation increase, with a 2.3% rise recently, and currently have a market capitalization of $9.58 billion.

TD Asset Management Inc grew its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 8.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,008 shares of the company's stock after purchasing an additional 4,062 shares during the period. TD Asset Management Inc's holdings in SouthState Bank were worth $4,602,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in SSB. Rise Advisors LLC acquired a new position in shares of SouthState Bank in the 1st quarter valued at about $33,000. Flaharty Asset Management LLC bought a new stake in shares of SouthState Bank in the 1st quarter valued at approximately $45,000. Summit Securities Group LLC grew its stake in shares of SouthState Bank by 81.5% in the 1st quarter. Summit Securities Group LLC now owns 688 shares of the company's stock valued at $64,000 after buying an additional 309 shares in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of SouthState Bank by 1,103.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company's stock valued at $64,000 after buying an additional 640 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of SouthState Bank in the 1st quarter valued at approximately $67,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Insider Activity

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

SouthState Bank Stock Up 2.3%

Shares of SouthState Bank stock opened at $94.62 on Tuesday. The company has a market capitalization of $9.58 billion, a PE ratio of 14.10 and a beta of 0.68. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.04. The stock's 50 day moving average is $99.29. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $114.26.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $2.30 earnings per share (EPS) 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 firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were given a $0.60 dividend. This is a positive change from SouthState Bank's previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 8th. SouthState Bank's dividend payout ratio (DPR) is currently 35.77%.

Analyst Ratings Changes

SSB has been the subject of several recent research reports. Cowen initiated coverage on SouthState Bank in a research note on Wednesday, September 24th. They issued a "buy" rating for the company. Weiss Ratings reissued a "buy (b-)" rating on shares of SouthState Bank in a research note on Wednesday, October 8th. National Bankshares set a $127.00 price target on SouthState Bank in a research note on Wednesday, September 24th. Wall Street Zen raised SouthState Bank from a "sell" rating to a "hold" rating in a research note on Sunday, July 27th. Finally, Zacks Research cut SouthState Bank from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Three research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, SouthState Bank has an average rating of "Buy" and an average price target of $117.08.

About SouthState Bank

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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