NFJ Investment Group LLC purchased a new position in SouthState Bank Corporation (NYSE:SSB – Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 56,373 shares of the company’s stock, valued at approximately $5,632,000. NFJ Investment Group LLC owned about 0.06% of SouthState Bank as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of the company. Nicholas Hoffman & Company LLC. lifted its position in shares of SouthState Bank by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after purchasing an additional 111 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of SouthState Bank by 0.6% during the 1st quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock worth $1,754,000 after acquiring an additional 116 shares in the last quarter. HB Wealth Management LLC increased its holdings in shares of SouthState Bank by 0.7% in the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after acquiring an additional 129 shares during the last quarter. MML Investors Services LLC raised its position in shares of SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after acquiring an additional 131 shares in the last quarter. Finally, FourThought Financial Partners LLC lifted its stake in SouthState Bank by 5.8% during the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after purchasing an additional 139 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the sale, the director directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 in the last 90 days. 1.70% of the stock is currently owned by insiders.
SouthState Bank Stock Performance
SouthState Bank (NYSE:SSB – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $672.67 million during the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the prior year, the business earned $2.30 EPS. As a group, equities analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current year.
SouthState Bank Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a $0.66 dividend. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. This represents a $2.64 annualized dividend and a yield of 2.5%. SouthState Bank’s payout ratio is presently 27.76%.
Analyst Ratings Changes
Several equities analysts have commented on SSB shares. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a research note on Wednesday, July 1st. JPMorgan Chase & Co. upped their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Piper Sandler increased their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target on the stock. in a research note on Tuesday, July 7th. Finally, Hovde Group upped their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $119.64.
Check Out Our Latest Stock Analysis on SSB
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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