Principal Financial Group Inc. Boosts Stake in SouthState Bank Corporation $SSB

Principal Financial Group Inc. lifted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 221,291 shares of the company’s stock after purchasing an additional 5,154 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of SouthState Bank worth $20,474,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of SSB. Root Financial Partners LLC boosted its stake in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after buying an additional 210 shares during the period. Measured Wealth Private Client Group LLC acquired a new stake in SouthState Bank in the 3rd quarter valued at approximately $51,000. GHP Investment Advisors Inc. acquired a new position in SouthState Bank during the first quarter worth $52,000. Danske Bank A S purchased a new position in shares of SouthState Bank during the third quarter worth $59,000. Finally, Harbour Investments Inc. acquired a new stake in shares of SouthState Bank in the fourth quarter valued at $68,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Trading Down 0.2%

SSB opened at $102.19 on Wednesday. The business has a fifty day moving average price of $97.33 and a 200 day moving average price of $97.59. 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. The stock has a market capitalization of $9.98 billion, a price-to-earnings ratio of 11.02 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data 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 business had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.28 million. During the same quarter last year, the business posted $0.87 EPS. Sell-side analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were paid a $0.60 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.3%. SouthState Bank’s payout ratio is currently 25.89%.

Analyst Upgrades and Downgrades

SSB has been the topic of several research reports. TD Cowen decreased their target price 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. UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price for the company. in a research report on Tuesday, July 7th. JPMorgan Chase & Co. increased their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, Citigroup dropped their price objective on shares of SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, June 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $117.50.

Insider Buying and Selling

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

About SouthState Bank

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.