Northwestern Mutual Wealth Management Co. Acquires 17,365 Shares of SouthState Bank Corporation $SSB

Northwestern Mutual Wealth Management Co. grew its position in shares of SouthState Bank Corporation (NYSE:SSB) by 350.8% during the fourth quarter, HoldingsChannel.com reports. The firm owned 22,315 shares of the company’s stock after purchasing an additional 17,365 shares during the period. Northwestern Mutual Wealth Management Co.’s holdings in SouthState Bank were worth $2,100,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in SSB. AQR Capital Management LLC boosted its stake in shares of SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after purchasing an additional 889,042 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of SouthState Bank by 810.7% during the second quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock valued at $69,548,000 after purchasing an additional 672,721 shares in the last quarter. Invesco Ltd. boosted its stake in shares of SouthState Bank by 35.6% during the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock valued at $157,306,000 after purchasing an additional 418,031 shares in the last quarter. Verition Fund Management LLC boosted its stake in shares of SouthState Bank by 426.9% during the third quarter. Verition Fund Management LLC now owns 380,598 shares of the company’s stock valued at $37,630,000 after purchasing an additional 308,362 shares in the last quarter. Finally, Bank of Montreal Can boosted its stake in shares of SouthState Bank by 2,256.9% during the third quarter. Bank of Montreal Can now owns 269,088 shares of the company’s stock valued at $26,605,000 after purchasing an additional 257,671 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. TD Cowen cut their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. JPMorgan Chase & Co. lifted their price target on SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. DA Davidson lifted their price target on SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Hovde Group lifted their price target on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group lifted their price target on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and an average target price of $118.62.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares in the company, valued at $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

SouthState Bank Price Performance

Shares of SSB opened at $95.50 on Wednesday. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The business’s 50 day moving average price is $94.68 and its two-hundred day moving average price is $95.79. The firm has a market cap of $9.33 billion, a PE ratio of 10.30 and a beta of 0.72.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. During the same period in the previous year, the firm earned $0.87 earnings per share. On average, equities analysts anticipate that SouthState Bank Corporation will post 9.48 EPS for the current year.

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, May 8th. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. SouthState Bank’s payout ratio is currently 25.89%.

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.