Sanctuary Advisors LLC Purchases Shares of 6,591 SouthState Bank Corporation $SSB

Sanctuary Advisors LLC acquired a new position in SouthState Bank Corporation (NYSE:SSB) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 6,591 shares of the company’s stock, valued at approximately $658,000.

Other institutional investors also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of SouthState Bank in the second quarter valued at $28,000. Root Financial Partners LLC boosted its stake in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after buying an additional 210 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in SouthState Bank during the second quarter worth $50,000. Measured Wealth Private Client Group LLC bought a new stake in SouthState Bank in the 3rd quarter valued at $51,000. Finally, GHP Investment Advisors Inc. bought a new stake in SouthState Bank in the 1st quarter valued at $52,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Stock Down 0.0%

Shares of SSB opened at $106.00 on Friday. The company has a market capitalization of $10.28 billion, a P/E ratio of 11.15 and a beta of 0.71. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20. The business’s 50 day simple moving average is $104.31 and its 200-day simple moving average is $99.08. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share 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 firm had revenue of $672.67 million during the quarter, compared to analysts’ expectations of $676.83 million. During the same period last year, the firm posted $2.30 EPS. As a group, sell-side analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio is 27.76%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Citigroup raised their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. TD Cowen increased their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Stephens restated an “overweight” rating and set a $116.00 price target on shares of SouthState Bank in a research note on Monday, July 27th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. Finally, Barclays decreased their price objective on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $119.64.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction dated 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 sale, the director owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The stock was 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 directly owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is currently owned by corporate insiders.

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.