TD Asset Management Inc Acquires 4,062 Shares of SouthState Bank Corporation $SSB

TD Asset Management Inc lifted its position in SouthState Bank Corporation (NYSE:SSB) by 8.8% in the second quarter, HoldingsChannel.com reports. The firm owned 50,008 shares of the company’s stock after acquiring an additional 4,062 shares during the period. TD Asset Management Inc’s holdings in SouthState Bank were worth $4,602,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Verdence Capital Advisors LLC raised its stake in shares of SouthState Bank by 30.0% in the second quarter. Verdence Capital Advisors LLC now owns 5,432 shares of the company’s stock valued at $500,000 after purchasing an additional 1,252 shares in the last quarter. Vest Financial LLC raised its stake in shares of SouthState Bank by 25.7% in the second quarter. Vest Financial LLC now owns 43,313 shares of the company’s stock valued at $3,986,000 after purchasing an additional 8,850 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of SouthState Bank by 2.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,121,392 shares of the company’s stock valued at $106,824,000 after purchasing an additional 28,216 shares in the last quarter. Concurrent Investment Advisors LLC raised its stake in shares of SouthState Bank by 2.2% in the second quarter. Concurrent Investment Advisors LLC now owns 9,836 shares of the company’s stock valued at $905,000 after purchasing an additional 214 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its stake in shares of SouthState Bank by 980.3% in the second quarter. Fifth Third Wealth Advisors LLC now owns 36,061 shares of the company’s stock valued at $3,319,000 after purchasing an additional 32,723 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Price Performance

SouthState Bank stock opened at $94.62 on Tuesday. The business’s fifty day moving average is $99.29. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.04. The firm has a market capitalization of $9.58 billion, a price-to-earnings ratio of 14.10 and a beta of 0.68. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $114.26.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 24th. The company reported $2.30 EPS for the quarter, topping the consensus estimate of $2.00 by $0.30. The company had revenue of $664.77 million for the quarter, compared to analysts’ expectations of $639.47 million. SouthState Bank had a return on equity of 10.23% and a net margin of 19.27%.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a dividend of $0.60 per share. The ex-dividend date was Friday, August 8th. This is a boost from SouthState Bank’s previous quarterly dividend of $0.54. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is currently 35.77%.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of recent research reports. Weiss Ratings restated a “buy (b-)” rating on shares of SouthState Bank in a research note on Wednesday, October 8th. Hovde Group upped their target price on SouthState Bank from $97.00 to $105.00 and gave the company a “market perform” rating in a research note on Friday, July 25th. Citigroup reiterated a “buy” rating and set a $117.00 price objective (up from $113.00) on shares of SouthState Bank in a research note on Monday, July 28th. Zacks Research lowered SouthState Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Finally, Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, July 27th. Three analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank presently has a consensus rating of “Buy” and an average price target of $117.08.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director G Stacy Smith bought 2,500 shares of the firm’s stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the completion of the acquisition, the director owned 39,546 shares of the company’s stock, valued at approximately $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Janet P. Froetscher bought 3,338 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The shares were acquired at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the acquisition, the director directly owned 8,294 shares of the company’s stock, valued at approximately $807,089.14. The trade was a 67.35% increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 8,338 shares of company stock worth $786,321. Insiders own 1.70% of the company’s stock.

About SouthState Bank

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.