Texas Capital Bank Wealth Management Services Inc Takes $627,000 Position in SouthState Bank Corporation $SSB

Texas Capital Bank Wealth Management Services Inc bought a new position in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, Holdings Channel reports. The firm bought 6,274 shares of the company’s stock, valued at approximately $627,000.

A number of other large investors have also recently made changes to their positions in SSB. Jane Street Group LLC raised its position in SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after purchasing an additional 3,678 shares during the period. M&T Bank Corp purchased a new position in SouthState Bank during the 2nd quarter valued at $245,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock valued at $5,825,000 after purchasing an additional 59,962 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock worth $176,000 after purchasing an additional 452 shares during the last quarter. Finally, Jump Financial LLC purchased a new position in SouthState Bank in the 2nd quarter worth about $919,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

SSB stock opened at $110.99 on Tuesday. The firm has a market cap of $10.76 billion, a price-to-earnings ratio of 11.67 and a beta of 0.71. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a 50-day simple moving average of $102.52 and a two-hundred day simple moving average of $98.88.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The business had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same period in the previous year, the company earned $2.30 earnings per share. On average, equities analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio (DPR) is currently 27.76%.

Insider Activity

In related news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares in the company, valued at $869,000. This trade represents a 75.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a report on Wednesday, July 1st. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research report on Tuesday, July 7th. Hovde Group upped their target price on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Finally, TD Cowen raised their price target on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank currently has a consensus rating of “Buy” and an average price target of $119.64.

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.