Retirement Systems of Alabama Reduces Stock Position in SouthState Bank Corporation $SSB

Retirement Systems of Alabama cut its position in SouthState Bank Corporation (NYSE:SSB) by 7.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 244,935 shares of the company’s stock after selling 20,521 shares during the period. Retirement Systems of Alabama’s holdings in SouthState Bank were worth $24,469,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of SSB. Vanguard Group Inc. boosted its position in SouthState Bank by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after buying an additional 161,928 shares during the last quarter. Dimensional Fund Advisors LP raised its position in SouthState Bank by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock worth $456,554,000 after buying an additional 205,355 shares during the last quarter. Geode Capital Management LLC raised its position in SouthState Bank by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after buying an additional 85,981 shares during the last quarter. Invesco Ltd. lifted its stake in SouthState Bank by 3.6% during the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock valued at $155,068,000 after acquiring an additional 56,693 shares during the period. Finally, Franklin Resources Inc. lifted its stake in SouthState Bank by 1.0% during the 4th quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock valued at $152,809,000 after acquiring an additional 15,787 shares during the period. Institutional investors and hedge funds own 89.76% of the company’s stock.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SSB. JPMorgan Chase & Co. raised their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Citigroup upped their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Hovde Group lifted their price objective on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Stephens reissued an “overweight” rating and issued a $116.00 price objective on shares of SouthState Bank in a report on Monday, July 27th. Finally, TD Cowen raised their target price on SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One investment 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 stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $119.64.

SouthState Bank Stock Up 0.6%

SSB opened at $110.98 on Friday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $111.74. 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 company has a fifty day moving average of $101.87 and a two-hundred day moving average of $98.73. The stock has a market capitalization of $10.76 billion, a price-to-earnings ratio of 11.67 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $676.83 million. During the same quarter in the prior year, the firm posted $2.30 earnings per share. On average, 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 declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, August 7th will be issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is currently 27.76%.

SouthState Bank 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.