SouthState Bank Corporation $SSB Stake Trimmed by Fort Washington Investment Advisors Inc. OH

Fort Washington Investment Advisors Inc. OH lowered its holdings in SouthState Bank Corporation (NYSE:SSB) by 19.0% in the third quarter, HoldingsChannel.com reports. The firm owned 263,013 shares of the company’s stock after selling 61,783 shares during the quarter. Fort Washington Investment Advisors Inc. OH’s holdings in SouthState Bank were worth $26,186,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Cibc World Market Inc. acquired a new stake in shares of SouthState Bank in the second quarter valued at approximately $1,823,000. Y Intercept Hong Kong Ltd bought a new stake in shares of SouthState Bank in the first quarter valued at approximately $4,898,000. Public Employees Retirement System of Ohio bought a new stake in shares of SouthState Bank in the second quarter valued at approximately $3,099,000. Man Group plc bought a new stake in shares of SouthState Bank in the second quarter valued at approximately $2,069,000. Finally, Hsbc Holdings PLC acquired a new stake in SouthState Bank during the second quarter worth approximately $3,039,000. Institutional investors own 89.76% of the company’s stock.

Insider Activity at SouthState Bank

In related news, Director David Brooks sold 24,650 shares of SouthState Bank stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 34,831 shares of company stock worth $3,814,274 in the last quarter. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Trading Up 2.2%

Shares of SouthState Bank stock opened at $101.38 on Friday. The company has a market capitalization of $9.83 billion, a price-to-earnings ratio of 10.66 and a beta of 0.78. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The firm’s 50-day moving average price is $104.74 and its two-hundred day moving average price is $100.50.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million for 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 last year, the firm earned $2.30 EPS. On average, analysts forecast that SouthState Bank Corporation will post 9.47 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.66 per share. The ex-dividend date was Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.6%. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

Analyst Ratings Changes

SSB has been the topic of a number of recent research reports. Fundamental Research set a $120.00 price objective on SouthState Bank in a research note on Wednesday, July 1st. Truist Financial dropped their price objective on SouthState Bank from $118.00 to $113.00 and set a “buy” rating for the company in a report on Friday, October 9th. Piper Sandler lifted their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of SouthState Bank in a research report on Monday. Finally, Stephens reissued an “overweight” rating and set a $116.00 target price on shares of SouthState Bank in a report on Monday, July 27th. One equities research 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, SouthState Bank currently has a consensus rating of “Buy” and a consensus price target of $118.54.

SouthState Bank Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial products and services to individuals, businesses, institutions and municipalities, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, and lines of credit.

Its business also includes commercial banking, treasury and cash-management services, equipment financing, small-business lending, and wealth-management and trust services.