6,274 Shares in SouthState Bank Corporation $SSB Purchased by Texas Capital Bank Wealth Management Services Inc

Texas Capital Bank Wealth Management Services Inc bought a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,274 shares of the company’s stock, valued at approximately $590,000.

Several other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its position in SouthState Bank by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock worth $1,029,315,000 after buying an additional 161,928 shares during the period. Dimensional Fund Advisors LP lifted its position in SouthState Bank by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company’s stock worth $461,392,000 after buying an additional 84,812 shares during the period. Geode Capital Management LLC lifted its position 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 buying an additional 85,981 shares during the period. Invesco Ltd. lifted its position in SouthState Bank by 35.6% during the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after buying an additional 418,031 shares during the period. Finally, AQR Capital Management LLC lifted its position in SouthState Bank by 269.4% during the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after buying an additional 889,042 shares during the period. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SSB. DA Davidson increased their target price on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, February 5th. Jefferies Financial Group increased their target price on SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. TD Cowen reduced their target price on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Truist Financial reduced their target price on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Finally, Barclays reduced their target price on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, SouthState Bank currently has an average rating of “Buy” and an average target price of $118.62.

SouthState Bank Stock Performance

SouthState Bank stock opened at $94.59 on Friday. The stock’s 50-day moving average is $94.84 and its 200-day moving average is $95.89. The company has a market cap of $9.24 billion, a price-to-earnings ratio of 10.20 and a beta of 0.72. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The company had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same period last year, the business posted $0.87 EPS. Equities analysts anticipate that SouthState Bank Corporation will post 9.49 earnings per share for the current year.

SouthState Bank Dividend Announcement

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 $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is 25.89%.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Company 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.