NFJ Investment Group LLC bought a new position in SouthState Bank Corporation (NYSE:SSB – Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 328,653 shares of the company’s stock, valued at approximately $30,930,000. SouthState Bank accounts for 1.1% of NFJ Investment Group LLC’s portfolio, making the stock its 25th largest position.
Other hedge funds also recently made changes to their positions in the company. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter worth $51,000. State of Wyoming lifted its stake in shares of SouthState Bank by 356.0% in the 3rd quarter. State of Wyoming now owns 570 shares of the company’s stock worth $56,000 after acquiring an additional 445 shares during the period. Ameritas Advisory Services LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter worth $57,000. Danske Bank A S acquired a new stake in shares of SouthState Bank in the 3rd quarter worth $59,000. Finally, Harbour Investments Inc. acquired a new stake in shares of SouthState Bank in the 4th quarter worth $68,000. Institutional investors and hedge funds own 89.76% of the company’s stock.
SouthState Bank Stock Performance
NYSE:SSB opened at $98.75 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04. The firm has a 50-day moving average price of $95.81 and a two-hundred day moving average price of $96.41. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $108.46. The company has a market capitalization of $9.65 billion, a P/E ratio of 10.65 and a beta of 0.70.
SouthState Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.4%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is 25.89%.
Insiders Place Their Bets
In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.
Analysts Set New Price Targets
A number of equities analysts have recently issued reports on the stock. Hovde Group increased their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 27th. DA Davidson reiterated a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a report on Wednesday. Truist Financial cut their price target on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a report on Monday, April 27th. JPMorgan Chase & Co. increased their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Finally, TD Cowen cut their price target on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, SouthState Bank has a consensus rating of “Buy” and an average price target of $118.62.
Check Out Our Latest Stock Analysis on SouthState Bank
About SouthState Bank
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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