Summit Investment Advisors Inc. Increases Stock Holdings in SouthState Bank Corporation $SSB

Summit Investment Advisors Inc. boosted its position in shares of SouthState Bank Corporation (NYSE:SSB) by 26.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,305 shares of the company’s stock after acquiring an additional 6,147 shares during the period. Summit Investment Advisors Inc.’s holdings in SouthState Bank were worth $2,720,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of SSB. Alliancebernstein L.P. grew its stake in shares of SouthState Bank by 44.5% in the first quarter. Alliancebernstein L.P. now owns 300,047 shares of the company’s stock worth $27,850,000 after acquiring an additional 92,342 shares during the last quarter. Deutsche Bank AG raised its position in SouthState Bank by 53.6% in the 1st quarter. Deutsche Bank AG now owns 129,255 shares of the company’s stock worth $11,997,000 after buying an additional 45,122 shares during the last quarter. Blair William & Co. IL purchased a new position in SouthState Bank in the 2nd quarter worth about $252,000. Teacher Retirement System of Texas lifted its holdings in shares of SouthState Bank by 10.9% during the 2nd quarter. Teacher Retirement System of Texas now owns 22,299 shares of the company’s stock valued at $2,052,000 after buying an additional 2,193 shares during the period. Finally, Entropy Technologies LP bought a new position in shares of SouthState Bank during the 1st quarter valued at $251,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, July 27th. Zacks Research cut shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. TD Cowen cut their price target on SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a report on Monday, October 27th. Stephens decreased their price objective on SouthState Bank from $115.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, October 27th. Finally, UBS Group decreased their price target on SouthState Bank from $125.00 to $120.00 and set a “buy” rating on the stock in a report on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank has a consensus rating of “Buy” and a consensus price target of $114.92.

Insider Transactions at SouthState Bank

In other news, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the transaction, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. This trade represents a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by insiders.

SouthState Bank Trading Up 0.2%

Shares of NYSE:SSB opened at $87.70 on Friday. The company has a market cap of $8.82 billion, a P/E ratio of 12.06 and a beta of 0.77. The firm’s 50-day moving average price is $96.83. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $114.26. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.93 and a quick ratio of 0.92.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The firm had revenue of $698.78 million for the quarter, compared to analysts’ expectations of $660.41 million. During the same period in the prior year, the business posted $1.90 earnings per share.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, November 7th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. SouthState Bank’s dividend payout ratio (DPR) is currently 33.01%.

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.