SouthState Bank (NYSE:SSB) Director Sells 24,650 Shares of Stock

Key Points

• Director David Brooks sold 24,650 SouthState Bank shares at an average price of $110, generating $2.71 million and reducing his direct ownership by 75.73% to 7,900 shares.
• SouthState reported quarterly EPS of $2.35, beating estimates by $0.04, while revenue came in at $672.67 million versus the $676.83 million consensus estimate.
• The bank raised its quarterly dividend from $0.60 to $0.66 per share, equivalent to a $2.64 annualized dividend and a 2.4% yield; analysts maintain a “Moderate Buy” consensus with an average price target of $119.64.

SouthState Bank Corporation (NYSE:SSB - Get Free Report) Director David Brooks sold 24,650 shares of the stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the sale, the director directly owned 7,900 shares of the company's stock, valued at $869,000. The trade was a 75.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $108.67 on Friday. The company has a market cap of $10.54 billion, a PE ratio of 11.43 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The business has a 50-day simple moving average of $100.28 and a two-hundred day simple moving average of $98.37. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $110.46.

SouthState Bank (NYSE:SSB - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period in the prior year, the firm earned $2.30 EPS. As a group, equities analysts expect that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be issued a $0.66 dividend. This is a boost from SouthState Bank's previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. SouthState Bank's dividend payout ratio is currently 25.24%.

Institutional Investors Weigh In On SouthState Bank

A number of institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC lifted its holdings in SouthState Bank by 4.6% during the first quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock valued at $7,703,000 after purchasing an additional 3,678 shares in the last quarter. M&T Bank Corp acquired a new position in shares of SouthState Bank during the 2nd quarter worth about $245,000. Arrowstreet Capital Limited Partnership raised its position in shares of SouthState Bank by 1,801.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock worth $5,825,000 after purchasing an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in SouthState Bank by 31.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $176,000 after buying an additional 452 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in SouthState Bank in the 2nd quarter valued at about $919,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analyst Weigh In

SSB has been the topic of several recent research reports. Weiss Ratings raised shares of SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 14th. Hovde Group upped their price objective on SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Citigroup increased their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. TD Cowen raised their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Finally, Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a report on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank has an average rating of "Moderate Buy" and an average target price of $119.64.

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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