SouthState Bank Corp decreased its position in SouthState Bank Corporation (NYSE:SSB – Free Report) by 13.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 49,148 shares of the company’s stock after selling 7,615 shares during the quarter. SouthState Bank Corp’s holdings in SouthState Bank were worth $4,625,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in SouthState Bank by 4.7% in the third quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock valued at $37,675,000 after acquiring an additional 16,974 shares in the last quarter. Vanguard Group Inc. raised its holdings in SouthState Bank by 1.2% in the third quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock valued at $1,065,367,000 after acquiring an additional 130,358 shares in the last quarter. Ashton Thomas Private Wealth LLC acquired a new stake in SouthState Bank in the third quarter valued at approximately $1,465,000. Northwestern Mutual Wealth Management Co. raised its holdings in SouthState Bank by 350.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock valued at $2,100,000 after acquiring an additional 17,365 shares in the last quarter. Finally, Daytona Street Capital LLC acquired a new stake in SouthState Bank in the fourth quarter valued at approximately $1,054,000. Institutional investors and hedge funds own 89.76% of the company’s stock.
SouthState Bank Stock Performance
Shares of SouthState Bank stock opened at $95.42 on Friday. The firm has a market capitalization of $9.32 billion, a P/E ratio of 10.29 and a beta of 0.70. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm’s 50 day moving average is $95.31 and its two-hundred day moving average is $96.05.
SouthState Bank Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were given a dividend of $0.60 per share. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is 25.89%.
Analyst Upgrades and Downgrades
Several analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Weiss Ratings lowered shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. Hovde Group increased their price target 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. Truist Financial dropped their price target on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, Barclays dropped their price target on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, SouthState Bank presently has an average rating of “Buy” and a consensus target price of $118.62.
Check Out Our Latest Stock Analysis on SouthState Bank
Insider Activity
In other news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.70% of the company’s stock.
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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