Vaughan Nelson Investment Management L.P. Buys New Stake in SouthState Bank Corporation $SSB

Vaughan Nelson Investment Management L.P. purchased a new stake in SouthState Bank Corporation (NYSE:SSB) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 443,933 shares of the company’s stock, valued at approximately $41,073,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of SouthState Bank by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after buying an additional 161,928 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of SouthState Bank by 1.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,729,496 shares of the company’s stock worth $445,101,000 after buying an additional 62,879 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of SouthState Bank by 4.8% in 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 last quarter. Invesco Ltd. grew its holdings in SouthState Bank by 3.6% during the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock worth $155,068,000 after acquiring an additional 56,693 shares during the period. Finally, Franklin Resources Inc. grew its holdings in SouthState Bank by 1.0% during the fourth quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock worth $152,809,000 after acquiring an additional 15,787 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the firm’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 value of $1,406,977.00. Following the sale, the director directly owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SSB. TD Cowen reduced their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Truist Financial lowered their price objective 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. DA Davidson reaffirmed a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research note on Wednesday, June 10th. Weiss Ratings cut shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Finally, Hovde Group lifted their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a 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 issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $118.62.

SouthState Bank Trading Down 0.0%

SSB stock opened at $96.48 on Monday. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm has a market cap of $9.42 billion, a P/E ratio of 10.41 and a beta of 0.70. The company’s 50-day simple moving average is $96.03 and its 200-day simple moving average is $96.71.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.28 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the previous year, the business earned $0.87 EPS. As a group, equities analysts forecast that SouthState Bank Corporation will post 9.5 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is presently 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.