Leeward Investments LLC MA Acquires 24,716 Shares of SouthState Bank Corporation $SSB

Leeward Investments LLC MA lifted its holdings in SouthState Bank Corporation (NYSE:SSB) by 22.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 134,475 shares of the company’s stock after purchasing an additional 24,716 shares during the quarter. Leeward Investments LLC MA’s holdings in SouthState Bank were worth $13,388,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in SouthState Bank during the 2nd quarter worth about $981,557,000. Bank of New York Mellon Corp bought a new position in shares of SouthState Bank in the second quarter worth about $130,419,000. The Manufacturers Life Insurance Company bought a new position in shares of SouthState Bank in the second quarter worth about $85,467,000. Bank of America Corp DE acquired a new position in shares of SouthState Bank during the second quarter worth approximately $59,792,000. Finally, Algebris UK Ltd. bought a new stake in shares of SouthState Bank during the second quarter worth $57,293,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Activity

In other SouthState Bank news, 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 value 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. The trade was a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David Brooks sold 24,650 shares of the business’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 transaction, the director directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. The trade was a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 34,831 shares of company stock worth $3,814,274. Corporate insiders own 1.70% of the company’s stock.

SouthState Bank Trading Up 0.2%

SSB opened at $105.73 on Monday. The firm’s fifty day moving average is $103.94 and its two-hundred day moving average is $100.93. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.95. The firm has a market cap of $10.25 billion, a PE ratio of 11.26 and a beta of 0.78. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The firm had revenue of $685.43 million for the quarter, compared to the consensus estimate of $691.13 million. During the same period in the prior year, the business earned $2.58 earnings per share. Equities research analysts anticipate that SouthState Bank Corporation will post 9.44 EPS for the current year.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be issued a dividend of $0.66 per share. The ex-dividend date is Friday, November 6th. This represents a $2.64 annualized dividend and a yield of 2.5%. SouthState Bank’s payout ratio is currently 28.12%.

Analyst Ratings Changes

SSB has been the topic of several recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of SouthState Bank in a report on Monday, October 12th. JPMorgan Chase & Co. dropped their price objective on SouthState Bank from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. Citigroup boosted their price objective on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research report on Wednesday, July 1st. Finally, TD Cowen lowered their price target on shares of SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, SouthState Bank currently has an average rating of “Buy” and a consensus target price of $118.54.

About SouthState Bank

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.