Northwestern Mutual Wealth Management Co. Purchases Shares of 4,989 SouthState Bank Corporation $SSB

Northwestern Mutual Wealth Management Co. bought a new position in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 4,989 shares of the company’s stock, valued at approximately $498,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SSB. Nicholas Hoffman & Company LLC. raised its position in SouthState Bank by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after purchasing an additional 111 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of SouthState Bank by 0.6% during the first quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock valued at $1,754,000 after buying an additional 116 shares during the period. HB Wealth Management LLC raised its holdings in shares of SouthState Bank by 0.7% during the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after acquiring an additional 129 shares in the last quarter. MML Investors Services LLC raised its holdings in shares of SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after acquiring an additional 131 shares in the last quarter. Finally, FourThought Financial Partners LLC lifted its stake in SouthState Bank by 5.8% in the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after acquiring an additional 139 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the sale, the director owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 34,831 shares of company stock valued at $3,814,274. Company insiders own 1.70% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on SSB. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research report on Wednesday, July 1st. Piper Sandler increased their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. DA Davidson reaffirmed a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. TD Cowen upped 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. Finally, Stephens restated an “overweight” rating and issued a $116.00 target price on shares of SouthState Bank in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $119.64.

SouthState Bank Price Performance

SSB opened at $106.53 on Thursday. The company’s 50-day simple moving average is $103.92 and its two-hundred day simple moving average is $99.05. 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 stock has a market capitalization of $10.33 billion, a P/E ratio of 11.20 and a beta of 0.71. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $112.20.

SouthState Bank (NYSE:SSB) last announced its earnings results 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. The business had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same period in the previous year, the business earned $2.30 EPS. As a group, analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a dividend of $0.66 per share. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s payout ratio is presently 27.76%.

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.