SouthState Bank Corporation $SSB Shares Acquired by Geode Capital Management LLC

Geode Capital Management LLC grew its position in SouthState Bank Corporation (NYSE:SSB) by 4.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 1,866,033 shares of the company’s stock after acquiring an additional 85,981 shares during the period. Geode Capital Management LLC’s holdings in SouthState Bank were worth $175,653,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of SSB. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter valued at $51,000. State of Wyoming raised its holdings in shares of SouthState Bank by 356.0% in the 3rd quarter. State of Wyoming now owns 570 shares of the company’s stock valued at $56,000 after purchasing an additional 445 shares in the last quarter. Ameritas Advisory Services LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter valued at $57,000. Danske Bank A S acquired a new stake in shares of SouthState Bank in the 3rd quarter valued at $59,000. Finally, Harbour Investments Inc. acquired a new stake in shares of SouthState Bank in the 4th quarter valued at $68,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.70% of the company’s stock.

SouthState Bank Trading Down 1.9%

NYSE SSB opened at $92.32 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. The firm’s fifty day moving average price is $95.15 and its 200 day moving average price is $96.01. The company has a market capitalization of $9.02 billion, a price-to-earnings ratio of 9.96 and a beta of 0.70. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The firm 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 last year, the firm posted $0.87 EPS. On average, sell-side analysts expect that SouthState Bank Corporation will post 9.49 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on SSB. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. TD Cowen reduced their price objective 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. JPMorgan Chase & Co. increased their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a research report on Thursday, May 21st. DA Davidson increased their target price on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings downgraded shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $118.62.

SouthState Bank Company Profile

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.