The Manufacturers Life Insurance Company lifted its position in SouthState Bank Corporation (NYSE:SSB – Free Report) by 4.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 850,763 shares of the company’s stock after buying an additional 34,929 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in SouthState Bank were worth $78,713,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Maverick Capital Ltd. acquired a new position in SouthState Bank in the 1st quarter valued at about $1,249,000. Quantinno Capital Management LP lifted its position in shares of SouthState Bank by 58.5% during the first quarter. Quantinno Capital Management LP now owns 98,477 shares of the company’s stock worth $9,111,000 after purchasing an additional 36,351 shares in the last quarter. Waverly Advisors LLC boosted its stake in shares of SouthState Bank by 3.8% in the first quarter. Waverly Advisors LLC now owns 19,485 shares of the company’s stock valued at $1,803,000 after purchasing an additional 720 shares during the period. Gabelli Funds LLC grew its holdings in shares of SouthState Bank by 2.0% in the first quarter. Gabelli Funds LLC now owns 93,342 shares of the company’s stock valued at $8,636,000 after purchasing an additional 1,848 shares in the last quarter. Finally, Gamco Investors INC. ET AL grew its holdings in shares of SouthState Bank by 0.3% in the first quarter. Gamco Investors INC. ET AL now owns 48,472 shares of the company’s stock valued at $4,485,000 after purchasing an additional 161 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.
SouthState Bank Trading Down 0.9%
Shares of NYSE:SSB opened at $105.67 on Thursday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.11. The company has a market cap of $10.32 billion, a PE ratio of 11.11 and a beta of 0.70. The company’s 50 day moving average is $98.73 and its two-hundred day moving average is $97.95.
SouthState Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be issued a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s dividend payout ratio is 27.76%.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the stock. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a report on Wednesday, July 1st. DA Davidson reaffirmed a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. Stephens reiterated an “overweight” rating and issued a $116.00 price objective on shares of SouthState Bank in a research note on Monday. Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. Finally, Barclays lowered their target price on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank has an average rating of “Moderate Buy” and a consensus target price of $119.64.
View Our Latest Analysis on SSB
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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