Greenwood Capital Associates LLC acquired a new stake in SouthState Bank Corporation (NYSE:SSB – Free Report) in the first quarter, HoldingsChannel reports. The fund acquired 6,666 shares of the company’s stock, valued at approximately $617,000.
Other institutional investors also recently modified their holdings of the company. Jane Street Group LLC lifted its stake in SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after purchasing an additional 3,678 shares during the last quarter. M&T Bank Corp acquired a new position in SouthState Bank during the second quarter worth approximately $245,000. Arrowstreet Capital Limited Partnership increased its position in SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock worth $5,825,000 after buying an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after buying an additional 452 shares during the period. Finally, Jump Financial LLC bought a new stake in SouthState Bank in the second quarter valued at approximately $919,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.
SouthState Bank Stock Performance
NYSE:SSB opened at $99.38 on Friday. The stock has a market cap of $9.71 billion, a P/E ratio of 10.72 and a beta of 0.70. The stock has a 50 day simple moving average of $96.50 and a 200 day simple moving average of $97.25. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $108.46.
SouthState Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s payout ratio is presently 25.89%.
Wall Street Analyst Weigh In
SSB has been the topic of a number of research analyst reports. DA Davidson restated a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. Truist Financial reduced their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Barclays decreased their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday. Hovde Group increased their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Finally, Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research note on Wednesday, July 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $117.50.
Read Our Latest Stock Analysis on SouthState Bank
Insider Activity
In related news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction dated 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 transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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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