28,000 SouthState Bank Corporation $SSB Shares Sold by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al decreased its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 81.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,500 shares of the company’s stock after selling 28,000 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in SouthState Bank were worth $647,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in SSB. BlackRock Inc. acquired a new stake in SouthState Bank during the second quarter valued at approximately $981,557,000. Bank of New York Mellon Corp acquired a new position in SouthState Bank in the second quarter worth approximately $130,419,000. The Manufacturers Life Insurance Company acquired a new position in SouthState Bank in the second quarter worth approximately $85,467,000. Bank of America Corp DE bought a new position in shares of SouthState Bank in the second quarter valued at $59,792,000. Finally, Algebris UK Ltd. bought a new position in shares of SouthState Bank in the second quarter valued at $57,293,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

SSB has been the subject of a number of recent research reports. TD Cowen cut their price objective on SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Weiss Ratings restated a “buy (b)” rating on shares of SouthState Bank in a report on Monday, October 12th. Stephens boosted their target price on SouthState Bank from $116.00 to $119.00 and gave the stock an “overweight” rating in a research report on Monday, October 26th. Piper Sandler boosted their target price on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Finally, JPMorgan Chase & Co. reduced their target price on SouthState Bank from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, SouthState Bank has an average rating of “Buy” and a consensus price target of $119.62.

Insider Buying and Selling at SouthState Bank

In related news, CFO William E. V. Matthews sold 4,000 shares of the company’s stock in a transaction 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 transaction, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.70% of the company’s stock.

SouthState Bank Trading Down 0.5%

SouthState Bank stock traded down $0.53 during midday trading on Friday, reaching $104.19. The stock had a trading volume of 671,810 shares, compared to its average volume of 816,965. The firm’s fifty day simple moving average is $103.56 and its two-hundred day simple moving average is $100.44. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.95 and a quick ratio of 0.95. The firm has a market cap of $10.07 billion, a price-to-earnings ratio of 11.10 and a beta of 0.77.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($0.10). The firm had revenue of $685.43 million for the quarter, compared to analysts’ expectations of $691.13 million. SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. During the same quarter in the previous year, the firm posted $2.58 earnings per share. Equities analysts anticipate that SouthState Bank Corporation will post 9.35 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, November 6th will be issued a dividend of $0.66 per share. The ex-dividend date is Friday, November 6th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s payout ratio is currently 28.12%.

About SouthState Bank

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

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.