Channing Capital Management LLC boosted its position in SouthState Bank Corporation (NYSE:SSB – Free Report) by 23.6% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,218 shares of the company’s stock after purchasing an additional 20,111 shares during the period. Channing Capital Management LLC owned about 0.11% of SouthState Bank worth $10,511,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in SouthState Bank by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock worth $1,029,315,000 after purchasing an additional 161,928 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in SouthState Bank by 4.3% in the first quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock valued at $456,554,000 after purchasing an additional 205,355 shares during the last quarter. Geode Capital Management LLC increased its position in shares of SouthState Bank by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock valued at $175,653,000 after buying an additional 85,981 shares in the last quarter. Invesco Ltd. increased its position in shares of SouthState Bank by 3.6% in the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock valued at $155,068,000 after buying an additional 56,693 shares in the last quarter. Finally, Franklin Resources Inc. raised its stake in shares of SouthState Bank by 1.0% during the 4th quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock worth $152,809,000 after buying an additional 15,787 shares during the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.
SouthState Bank Stock Up 0.6%
Shares of NYSE:SSB opened at $110.98 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $111.74. The stock’s fifty day simple moving average is $101.87 and its 200-day simple moving average is $98.73. The company has a market capitalization of $10.76 billion, a P/E ratio of 11.67 and a beta of 0.71.
SouthState Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be given a $0.66 dividend. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is presently 27.76%.
Wall Street Analyst Weigh In
SSB has been the topic of several recent research reports. 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 research report on Tuesday, July 7th. Hovde Group raised their target price 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. Wall Street Zen cut shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Truist Financial upped their price target on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Stephens reiterated an “overweight” rating and issued a $116.00 price target on shares of SouthState Bank in a research report on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $119.64.
Insider Buying and Selling at SouthState Bank
In related news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the transaction, the director owned 7,900 shares of the company’s stock, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.70% of the stock is currently owned by corporate insiders.
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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