William Matthews Sells 4,000 Shares of SouthState Bank (NYSE:SSB) Stock

Key Points

• CFO William Matthews sold 4,000 SouthState Bank shares at an average price of $108.93, generating $435,720 and reducing his direct holdings by 8.98% to 40,568 shares.
• SouthState Bank shares fell 2.7% to $107.12, while the company’s latest quarterly results showed EPS of $2.35, beating estimates, on revenue of $672.67 million.
• The bank increased its quarterly dividend from $0.60 to $0.66, bringing the annualized payout to $2.64 and the yield to approximately 2.5%; analysts maintain a consensus “Buy” rating with an average price target of $119.64.

SouthState Bank Corporation (NYSE:SSB - Get Free Report) CFO William Matthews sold 4,000 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

SouthState Bank Stock Down 2.7%

NYSE:SSB traded down $2.97 during midday trading on Wednesday, reaching $107.12. The company had a trading volume of 213,140 shares, compared to its average volume of 851,925. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The firm has a market capitalization of $10.39 billion, a price-to-earnings ratio of 11.29 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock's fifty day simple moving average is $102.81 and its 200-day simple moving average is $98.94.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The company had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same quarter last year, the company earned $2.30 EPS. On average, sell-side analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's dividend payout ratio (DPR) is 27.76%.

Hedge Funds Weigh In On SouthState Bank

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Jane Street Group LLC raised its stake in shares of 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 during the period. M&T Bank Corp bought a new stake in SouthState Bank during the second quarter worth approximately $245,000. Arrowstreet Capital Limited Partnership raised its stake in shares of SouthState Bank by 1,801.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock worth $5,825,000 after buying an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of SouthState Bank by 31.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock worth $176,000 after buying an additional 452 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of SouthState Bank in the second quarter valued at $919,000. Institutional investors and hedge funds own 89.76% of the company's stock.

Wall Street Analysts Forecast Growth

SSB has been the topic of several research analyst reports. DA Davidson reiterated a "buy" rating and set a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. Citigroup lifted their target price on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. UBS Group downgraded SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price target on the stock. in a research note on Tuesday, July 7th. Hovde Group boosted their price objective on SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Finally, Weiss Ratings upgraded shares of SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target 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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