Savant Capital LLC Sells 19,502 Shares of SouthState Bank Corporation $SSB

Savant Capital LLC cut its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 80.8% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 4,631 shares of the company’s stock after selling 19,502 shares during the quarter. Savant Capital LLC’s holdings in SouthState Bank were worth $436,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of SSB. JPMorgan Chase & Co. lifted 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 during the period. Vanguard Group Inc. grew its stake in shares of SouthState Bank by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company’s stock valued at $1,065,367,000 after purchasing an additional 130,358 shares during the period. Ashton Thomas Private Wealth LLC bought a new stake in shares of SouthState Bank during the 3rd quarter valued at about $1,465,000. Northwestern Mutual Wealth Management Co. increased its position in shares of SouthState Bank by 350.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock valued at $2,100,000 after purchasing an additional 17,365 shares during the last quarter. Finally, Daytona Street Capital LLC purchased a new stake in shares of SouthState Bank during the 4th quarter valued at about $1,054,000. 89.76% of the stock is owned by institutional investors.

SouthState Bank Trading Up 3.0%

SouthState Bank stock opened at $94.98 on Friday. The firm has a 50 day moving average of $95.23 and a 200 day moving average of $96.05. The firm has a market capitalization of $9.28 billion, a price-to-earnings ratio of 10.25 and a beta of 0.70. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $108.46. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the previous year, the firm earned $0.87 earnings per share. As a group, research analysts predict that SouthState Bank Corporation will post 9.49 earnings per share for the current year.

SouthState Bank Announces Dividend

The company also recently disclosed 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. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

Analyst Ratings Changes

A number of research firms recently issued reports on SSB. Weiss Ratings downgraded shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Barclays decreased 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 report on Monday, April 27th. Hovde Group lifted their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. TD Cowen cut their price objective on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. upped their price objective on SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $118.62.

Insider Buying and Selling at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction 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 owned 12,700 shares in the company, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed 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.