GSA Capital Partners LLP bought a new position in shares of SouthState Bank Corporation (NYSE:SSB – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 8,859 shares of the company’s stock, valued at approximately $834,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of SSB. Handelsbanken Fonder AB increased its holdings in shares of SouthState Bank by 27.8% in the 4th quarter. Handelsbanken Fonder AB now owns 29,438 shares of the company’s stock worth $2,770,000 after buying an additional 6,400 shares during the last quarter. Gabelli Funds LLC increased its holdings in shares of SouthState Bank by 1.1% in the 4th quarter. Gabelli Funds LLC now owns 91,494 shares of the company’s stock worth $8,610,000 after buying an additional 1,000 shares during the last quarter. North Dakota State Investment Board bought a new position in shares of SouthState Bank in the 4th quarter worth $334,000. Richard Young Associates Ltd. bought a new position in shares of SouthState Bank in the 4th quarter worth $433,000. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in shares of SouthState Bank by 350.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after buying an additional 17,365 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities analysts have recently commented on SSB shares. JPMorgan Chase & Co. increased their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a report on Thursday. Truist Financial decreased their price target on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. DA Davidson increased their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Jefferies Financial Group increased their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Finally, Stephens increased their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, January 26th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and an average target price of $118.62.
SouthState Bank Price Performance
Shares of SouthState Bank stock opened at $94.69 on Friday. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The stock has a market capitalization of $9.25 billion, a price-to-earnings ratio of 10.21 and a beta of 0.72. The company has a fifty day moving average of $94.49 and a 200-day moving average of $95.64. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93.
SouthState Bank (NYSE:SSB – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The company had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.29 million. During the same quarter in the prior year, the company earned $0.87 EPS. Equities research analysts expect that SouthState Bank Corporation will post 9.46 EPS for the current year.
SouthState Bank Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio is 25.89%.
Insider Activity
In other news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.70% of the company’s stock.
SouthState Bank 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.
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