8,607 Shares in SouthState Bank Corporation $SSB Bought by GSA Capital Partners LLP

GSA Capital Partners LLP purchased a new stake in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 8,607 shares of the company’s stock, valued at approximately $860,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of SSB. Root Financial Partners LLC raised its holdings 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 last quarter. FNY Investment Advisers LLC acquired a new position in shares of SouthState Bank during the second quarter valued at about $50,000. Measured Wealth Private Client Group LLC bought a new stake in shares of SouthState Bank during the third quarter worth about $51,000. GHP Investment Advisors Inc. bought a new stake in shares of SouthState Bank during the first quarter worth about $52,000. Finally, Danske Bank A S acquired a new stake in shares of SouthState Bank in the 3rd quarter worth about $59,000. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Performance

Shares of SSB stock opened at $110.17 on Wednesday. The firm has a market cap of $10.68 billion, a price-to-earnings ratio of 11.58 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The firm’s 50-day simple moving average is $102.81 and its two-hundred day simple moving average is $98.94.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. During the same period in the previous year, the company earned $2.30 earnings per share. As a group, equities analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a $0.66 dividend. The ex-dividend date was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio (DPR) is currently 27.76%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a research note on Tuesday, July 7th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Truist Financial raised their target price on SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. JPMorgan Chase & Co. lifted their target price on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Barclays decreased their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. One investment 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, the company presently has a consensus rating of “Buy” and an average target price of $119.64.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the sale, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 1.70% of the company’s stock.

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.