Nicholson Wealth Management Group LLC Boosts Holdings in SouthState Bank Corporation $SSB

Nicholson Wealth Management Group LLC raised its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 1.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 7,201 shares of the company’s stock after acquiring an additional 125 shares during the quarter. Nicholson Wealth Management Group LLC’s holdings in SouthState Bank were worth $663,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Rise Advisors LLC acquired a new stake in shares of SouthState Bank in the first quarter valued at about $33,000. Flaharty Asset Management LLC acquired a new stake in shares of SouthState Bank in the first quarter valued at about $45,000. TFC Financial Management Inc. raised its position in shares of SouthState Bank by 49,800.0% in the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock valued at $46,000 after buying an additional 498 shares during the last quarter. Summit Securities Group LLC raised its position in shares of SouthState Bank by 81.5% in the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock valued at $64,000 after buying an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its position in shares of SouthState Bank by 1,103.4% in the first quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $64,000 after buying an additional 640 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Trading Up 1.3%

SouthState Bank stock opened at $92.56 on Friday. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $114.26. The firm has a market capitalization of $9.37 billion, a PE ratio of 13.79 and a beta of 0.68. The stock’s 50-day moving average price is $99.24. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 24th. The company reported $2.30 earnings per share for the quarter, topping the consensus estimate of $2.00 by $0.30. The company had revenue of $664.77 million during the quarter, compared to analyst estimates of $639.47 million. SouthState Bank had a net margin of 19.27% and a return on equity of 10.23%.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Friday, August 8th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.6%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Friday, August 8th. SouthState Bank’s payout ratio is 35.77%.

Insiders Place Their Bets

In related news, Director Janet P. Froetscher bought 3,338 shares of the stock in a transaction on Wednesday, July 30th. The stock was bought at an average price of $97.31 per share, with a total value of $324,820.78. Following the completion of the purchase, the director directly owned 8,294 shares in the company, valued at $807,089.14. This represents a 67.35% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director G Stacy Smith bought 2,500 shares of the stock in a transaction on Friday, August 1st. The shares were bought at an average cost of $92.30 per share, with a total value of $230,750.00. Following the purchase, the director owned 39,546 shares of the company’s stock, valued at $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 8,338 shares of company stock valued at $786,321 over the last 90 days. 1.70% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently commented on SSB shares. Cowen started coverage on shares of SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. Zacks Research cut shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. Weiss Ratings reiterated a “buy (b-)” rating on shares of SouthState Bank in a research report on Wednesday, October 8th. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, July 27th. Finally, DA Davidson raised their price objective on shares of SouthState Bank from $115.00 to $117.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, SouthState Bank presently has a consensus rating of “Buy” and an average target price of $117.08.

SouthState Bank Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.