M Holdings Securities Inc. Acquires New Position in SouthState Bank Corporation $SSB

M Holdings Securities Inc. bought a new position in SouthState Bank Corporation (NYSE:SSB) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 21,456 shares of the company’s stock, valued at approximately $2,296,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC lifted its stake in shares of SouthState Bank by 78.6% during the 3rd quarter. Brighton Jones LLC now owns 5,605 shares of the company’s stock worth $558,000 after purchasing an additional 2,467 shares during the period. Ethic Inc. grew its position in shares of SouthState Bank by 36.5% in the third quarter. Ethic Inc. now owns 3,480 shares of the company’s stock valued at $346,000 after purchasing an additional 930 shares during the period. StoneX Group Inc. acquired a new position in SouthState Bank in the third quarter valued at $264,000. Pictet Asset Management Holding SA increased its stake in SouthState Bank by 5.9% in the third quarter. Pictet Asset Management Holding SA now owns 15,413 shares of the company’s stock valued at $1,535,000 after purchasing an additional 861 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in SouthState Bank by 30.3% during the third quarter. Parallel Advisors LLC now owns 886 shares of the company’s stock worth $88,000 after buying an additional 206 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SSB. Weiss Ratings reissued a “buy (b)” rating on shares of SouthState Bank in a research note on Monday, October 12th. Wall Street Zen downgraded shares of SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. Truist Financial upped their price objective on shares of SouthState Bank from $113.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, October 28th. Stephens increased their price objective on shares of SouthState Bank from $116.00 to $119.00 and gave the stock an “overweight” rating in a report on Monday, October 26th. Finally, JPMorgan Chase & Co. decreased their target price on shares of SouthState Bank from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, SouthState Bank currently has an average rating of “Buy” and a consensus target price of $119.62.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This trade represents a 8.98% 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 owned by corporate insiders.

SouthState Bank Stock Up 0.1%

Shares of NYSE SSB opened at $104.19 on Monday. The stock has a market capitalization of $10.07 billion, a PE ratio of 11.10 and a beta of 0.77. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.06. The firm has a fifty day moving average of $103.56 and a 200-day moving average of $100.44. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $112.20.

SouthState Bank (NYSE:SSB) last issued its earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The firm had revenue of $685.43 million during the quarter, compared to analysts’ expectations of $691.13 million. During the same period last year, the business posted $2.58 earnings per share. On average, analysts anticipate that SouthState Bank Corporation will post 9.35 EPS for the current year.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, November 6th will be paid a dividend of $0.66 per share. The ex-dividend date is Friday, November 6th. This represents a $2.64 annualized dividend and a yield of 2.5%. SouthState Bank’s dividend payout ratio is currently 28.12%.

About SouthState Bank

SouthState Bank is a regional bank and subsidiary of SouthState Corporation, a financial services company. It provides personal and business banking services, including deposit accounts, loans, mortgage lending, treasury management and wealth management.

The bank traces its history to 1934, when the First National Bank of Orangeburg opened in South Carolina. Its footprint is centered in the southeastern United States, with operations extending into Texas and Colorado following SouthState Corporation’s combination with Independent Bank Group.

SouthState serves individuals, businesses and institutions through branches, digital banking and other financial services.