Martin & Co. Inc. TN Takes $3.95 Million Position in SouthState Bank Corporation $SSB

Martin & Co. Inc. TN acquired a new position in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 39,569 shares of the company’s stock, valued at approximately $3,953,000.

A number of other hedge funds have also recently made changes to their positions in the stock. FJ Capital Management LLC boosted its holdings in SouthState Bank by 54.0% during the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock valued at $76,515,000 after acquiring an additional 285,091 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in SouthState Bank in the 1st quarter valued at about $4,898,000. Geode Capital Management LLC increased its stake in SouthState Bank by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after purchasing an additional 85,981 shares during the period. NFJ Investment Group LLC acquired a new stake in shares of SouthState Bank during the fourth quarter worth about $30,930,000. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of SouthState Bank by 350.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after purchasing an additional 17,365 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on SSB. Citigroup lifted their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a research report on Tuesday, July 7th. TD Cowen boosted their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Fundamental Research set a $120.00 price objective on SouthState Bank in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. increased their price objective on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. One 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $119.64.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David R. Brooks sold 24,650 shares of the 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 directly owned 7,900 shares in the company, valued at $869,000. This trade represents a 75.73% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 34,831 shares of company stock valued at $3,814,274. Insiders own 1.70% of the company’s stock.

SouthState Bank Stock Up 1.0%

SSB stock opened at $106.86 on Friday. The company’s 50 day moving average price is $103.35 and its 200 day moving average price is $99.05. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $112.20. The firm has a market capitalization of $10.36 billion, a price-to-earnings ratio of 11.24 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $676.83 million. During the same quarter in the previous year, the firm earned $2.30 earnings per share. On average, equities research analysts anticipate 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 was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were given a dividend of $0.66 per share. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio is presently 27.76%.

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.