The Manufacturers Life Insurance Company bought a new stake in shares of SouthState Bank Corporation (NYSE:SSB – Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 855,527 shares of the company’s stock, valued at approximately $85,467,000. The Manufacturers Life Insurance Company owned about 0.88% of SouthState Bank as of its most recent filing with the SEC.
A number of other large investors also recently made changes to their positions in the stock. Jane Street Group LLC boosted its holdings in SouthState Bank by 4.6% during the first quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after buying an additional 3,678 shares during the last quarter. M&T Bank Corp bought a new stake in shares of SouthState Bank in the 2nd quarter valued at about $245,000. Arrowstreet Capital Limited Partnership raised its position in shares of SouthState Bank by 1,801.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock valued at $5,825,000 after acquiring an additional 59,962 shares during the period. EverSource Wealth Advisors LLC boosted its stake in SouthState Bank by 31.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock worth $176,000 after acquiring an additional 452 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in SouthState Bank during the second quarter valued at approximately $919,000. Institutional investors and hedge funds own 89.76% of the company’s stock.
SouthState Bank Price Performance
Shares of NYSE SSB opened at $106.12 on Wednesday. The stock has a market capitalization of $10.29 billion, a price-to-earnings ratio of 11.16 and a beta of 0.71. The business has a 50-day moving average of $103.71 and a 200-day moving average of $99.05. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $112.20.
SouthState Bank Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a $0.66 dividend. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.
Wall Street Analyst Weigh In
A number of analysts recently commented on SSB shares. TD Cowen upped their price objective on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Barclays reduced their target price on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Stephens reissued an “overweight” rating and issued a $116.00 target price on shares of SouthState Bank in a research note on Monday, July 27th. JPMorgan Chase & Co. raised their price target on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Finally, Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $119.64.
Check Out Our Latest Stock Analysis on SSB
Insiders Place Their Bets
In other news, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction dated 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 of the company’s stock, valued at $4,419,072.24. This trade represents a 8.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction dated 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 transaction, the director owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 34,831 shares of company stock worth $3,814,274. 1.70% of the stock is 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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