5,724 Shares in SouthState Bank Corporation $SSB Bought by Meeder Advisory Services Inc.

Meeder Advisory Services Inc. bought a new stake in SouthState Bank Corporation (NYSE:SSB) in the second quarter, HoldingsChannel reports. The institutional investor bought 5,724 shares of the company’s stock, valued at approximately $572,000.

Other institutional investors also recently made changes to their positions in the company. Citizens Financial Group Inc. RI acquired a new position in shares of SouthState Bank during the 2nd quarter worth $294,000. Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of SouthState Bank in the second quarter valued at about $627,000. BlackRock Inc. acquired a new stake in shares of SouthState Bank in the second quarter valued at about $981,557,000. Deutsche Bank AG purchased a new stake in SouthState Bank during the second quarter worth about $1,202,000. Finally, Trust Co. of Vermont acquired a new position in SouthState Bank during the second quarter worth about $65,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Stock Down 1.1%

SSB stock opened at $105.95 on Friday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. The company’s 50 day simple moving average is $103.19 and its 200-day simple moving average is $99.00. 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 $10.27 billion, a PE ratio of 11.14 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The firm had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. During the same period in the previous year, the firm posted $2.30 EPS. Equities analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently declared 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%. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s payout ratio is presently 27.76%.

Analyst Upgrades and Downgrades

SSB has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Stephens reaffirmed an “overweight” rating and issued a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. UBS Group cut SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective for the company. in a report on Tuesday, July 7th. Truist Financial boosted their target price on SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, Citigroup upped their target price on SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $119.64.

Insiders Place Their Bets

In other news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director directly owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction on Wednesday, August 19th. The shares were 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 approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 34,831 shares of company stock valued at $3,814,274. Insiders own 1.70% of the company’s stock.

SouthState Bank 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.