SouthState Bank (NYSE:SSB) Director Sells $667,053.52 in Stock

SouthState Bank Corporation (NYSE:SSB) Director David Brooks sold 6,181 shares of the business’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $107.92, for a total transaction of $667,053.52. Following the sale, the director directly owned 1,762 shares in the company, valued at $190,155.04. This trade represents a 77.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

SouthState Bank Stock Performance

Shares of SSB stock opened at $108.67 on Friday. The business has a fifty day moving average of $100.28 and a 200 day moving average of $98.37. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $110.46. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market capitalization of $10.54 billion, a price-to-earnings ratio of 11.43 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.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 prior year, the company earned $2.30 earnings per share. As a group, research analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be issued a $0.66 dividend. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.4%. SouthState Bank’s payout ratio is currently 25.24%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SSB. Root Financial Partners LLC increased its holdings in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after acquiring an additional 210 shares in the last quarter. FNY Investment Advisers LLC purchased a new stake in shares of SouthState Bank during the second quarter worth about $50,000. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank during the 3rd quarter worth about $51,000. GHP Investment Advisors Inc. purchased a new position in SouthState Bank in the 1st quarter valued at about $52,000. Finally, Danske Bank A S acquired a new stake in SouthState Bank in the 3rd quarter worth about $59,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price for the company. in a report on Tuesday, July 7th. Stephens reiterated an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. TD Cowen boosted their price objective on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. DA Davidson restated a “buy” rating and issued a $125.00 target price on shares of SouthState Bank in a research note on Wednesday, June 10th. Finally, Barclays dropped their target price on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate 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.