SouthState Bank (NYSE:SSB) Director David Brooks Sells 24,650 Shares

SouthState Bank Corporation (NYSE:SSB) Director David Brooks sold 24,650 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares in the company, valued at $869,000. The trade was a 75.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

SouthState Bank Stock Performance

NYSE:SSB opened at $108.67 on Friday. The company’s 50-day moving average price is $100.28 and its 200-day moving average price is $98.37. 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 company has a market cap of $10.54 billion, a P/E ratio of 11.43 and a beta of 0.71. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $110.46.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data 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. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The company had revenue of $672.67 million during the quarter, compared to analysts’ expectations of $676.83 million. During the same quarter in the prior year, the company earned $2.30 EPS. On average, sell-side analysts forecast 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 will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be given a dividend of $0.66 per share. The ex-dividend date is Friday, August 7th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is 25.24%.

Wall Street Analyst Weigh In

SSB has been the topic of a number of recent analyst reports. TD Cowen upped their target price 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. Truist Financial raised their price target on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. JPMorgan Chase & Co. boosted their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. Finally, DA Davidson reaffirmed a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.64.

Institutional Investors Weigh In On SouthState Bank

Several large investors have recently modified their holdings of SSB. Norges Bank acquired a new position in SouthState Bank in the 4th quarter valued at about $125,940,000. Bank of New York Mellon Corp purchased a new stake in SouthState Bank during the 2nd quarter valued at approximately $130,419,000. AQR Capital Management LLC lifted its position in SouthState Bank by 269.4% during the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after acquiring an additional 889,042 shares during the period. Jane Street Group LLC grew its stake in shares of SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after purchasing an additional 672,721 shares during the last quarter. Finally, Deprince Race & Zollo Inc. grew its stake in shares of SouthState Bank by 346.0% in the 1st quarter. Deprince Race & Zollo Inc. now owns 728,548 shares of the company’s stock valued at $67,405,000 after purchasing an additional 565,196 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

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.