Legal & General Group Plc Makes New Investment in SouthState Bank Corporation $SSB

Legal & General Group Plc purchased a new position in SouthState Bank Corporation (NYSE:SSB) in the second quarter, HoldingsChannel.com reports. The fund purchased 125,478 shares of the company’s stock, valued at approximately $12,535,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in SouthState Bank during the 2nd quarter worth about $28,000. Root Financial Partners LLC lifted its holdings in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after purchasing an additional 210 shares in the last quarter. FNY Investment Advisers LLC acquired a new stake in shares of SouthState Bank during the 2nd quarter worth about $50,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank during the 3rd quarter worth about $51,000. Finally, GHP Investment Advisors Inc. purchased a new stake in shares of SouthState Bank during the first quarter worth about $52,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $104.87 on Tuesday. The business’s fifty day moving average price is $104.46 and its 200 day moving average price is $99.02. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20. 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 stock has a market capitalization of $10.17 billion, a P/E ratio of 11.03 and a beta of 0.71.

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

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.66 per share. This is a boost 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 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s dividend payout ratio is currently 27.76%.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction that occurred 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 transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 34,831 shares of company stock worth $3,814,274 in the last 90 days. 1.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. TD Cowen boosted their price objective 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. Stephens restated an “overweight” rating and set a $116.00 target price on shares of SouthState Bank in a research report on Monday, July 27th. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research note on Wednesday, July 1st. Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. Finally, UBS Group lowered SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target on the stock. in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, SouthState Bank has an average rating of “Buy” and a consensus price target of $119.64.

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.