SouthState Bank Corporation (NYSE:SSB) Declares Quarterly Dividend of $0.60

Key Points

• SouthState Bank Corporation declared a quarterly dividend of $0.60 per share, with stockholders of record to be paid on November 14th, reflecting a dividend yield of 2.6%.
• The bank's earnings per share for the last quarter were reported at $2.58, surpassing analysts' expectations of $2.20, and demonstrating a significant increase from $1.90 EPS during the same quarter last year.
• Insider trading activity has been notable, including a sale of 5,000 shares by Daniel E. Bockhorst and an acquisition of 3,338 shares by Director Janet P. Froetscher, reflecting differences in insider confidence in the company's stock.

SouthState Bank Corporation (NYSE:SSB - Get Free Report) declared a quarterly dividend on Wednesday, October 22nd. Stockholders of record on Friday, November 7th will be paid a dividend of 0.60 per share on Friday, November 14th. This represents a c) dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Friday, November 7th.

SouthState Bank Trading Down 0.7%

Shares of SSB stock opened at $93.88 on Thursday. SouthState Bank has a 1-year low of $77.74 and a 1-year high of $114.26. 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 has a market capitalization of $9.50 billion, a P/E ratio of 13.99 and a beta of 0.68. The company's fifty day simple moving average is $99.20.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 earnings per share for the quarter, beating analysts' consensus estimates of $2.20 by $0.38. SouthState Bank had a return on equity of 10.23% and a net margin of 19.27%.During the same quarter in the prior year, the business earned $1.90 EPS.

Insiders Place Their Bets

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the sale, the insider owned 31,785 shares of the company's stock, valued at $3,165,786. The trade was a 13.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Janet P. Froetscher acquired 3,338 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were acquired at an average cost of $97.31 per share, with a total value of $324,820.78. Following the transaction, the director directly owned 8,294 shares in the company, valued at $807,089.14. The trade was a 67.35% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 8,338 shares of company stock valued at $786,321 over the last quarter. Insiders own 1.70% of the company's stock.

Hedge Funds Weigh In On SouthState Bank

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of SouthState Bank by 31.2% in the 1st quarter. Vanguard Group Inc. now owns 11,079,578 shares of the company's stock valued at $1,028,406,000 after purchasing an additional 2,637,786 shares during the period. Laurel Wealth Advisors LLC grew its stake in shares of SouthState Bank by 9,074.2% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company's stock valued at $132,125,000 after purchasing an additional 1,420,019 shares during the period. Norges Bank bought a new stake in shares of SouthState Bank in the 2nd quarter valued at approximately $109,029,000. Dimensional Fund Advisors LP grew its stake in shares of SouthState Bank by 34.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,556,410 shares of the company's stock valued at $422,915,000 after purchasing an additional 1,164,348 shares during the period. Finally, Qube Research & Technologies Ltd bought a new stake in shares of SouthState Bank in the 2nd quarter valued at approximately $81,769,000. Institutional investors and hedge funds own 89.76% of the company's stock.

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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