SouthState Bank Corporation $SSB Shares Purchased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lifted its holdings in SouthState Bank Corporation (NYSE:SSB) by 190.1% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 102,043 shares of the company’s stock after purchasing an additional 66,863 shares during the period. Thrivent Financial for Lutherans owned approximately 0.10% of SouthState Bank worth $9,604,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Covestor Ltd lifted its stake in SouthState Bank by 385.1% in the third quarter. Covestor Ltd now owns 490 shares of the company’s stock worth $49,000 after acquiring an additional 389 shares during the last quarter. Measured Wealth Private Client Group LLC purchased a new position in SouthState Bank in the third quarter worth approximately $51,000. State of Wyoming lifted its stake in SouthState Bank by 356.0% in the third quarter. State of Wyoming now owns 570 shares of the company’s stock worth $56,000 after acquiring an additional 445 shares during the last quarter. Ameritas Advisory Services LLC purchased a new position in SouthState Bank in the third quarter worth approximately $57,000. Finally, Danske Bank A S purchased a new position in SouthState Bank in the third quarter worth approximately $59,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated 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 $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.70% of the stock is currently owned by insiders.

SouthState Bank Stock Performance

NYSE:SSB opened at $92.03 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $108.46. The stock has a market cap of $8.99 billion, a PE ratio of 9.93 and a beta of 0.72. The firm’s fifty day simple moving average is $94.41 and its 200-day simple moving average is $95.56.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the prior year, the company posted $0.87 EPS. Analysts expect that SouthState Bank Corporation will post 9.46 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio is presently 25.89%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Truist Financial reduced their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Citigroup boosted their price objective on shares of SouthState Bank from $116.00 to $120.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Hovde Group boosted their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, January 26th. Finally, Jefferies Financial Group boosted their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $118.23.

SouthState Bank Company 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.