130,700 Shares in SouthState Bank Corporation $SSB Acquired by Ceredex Value Advisors LLC

Ceredex Value Advisors LLC purchased a new stake in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 130,700 shares of the company’s stock, valued at approximately $13,057,000.

A number of other large investors have also recently bought and sold shares of the stock. FJ Capital Management LLC lifted its holdings in shares of SouthState Bank by 54.0% during the fourth quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock valued at $76,515,000 after acquiring an additional 285,091 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of SouthState Bank in the 1st quarter worth about $4,898,000. Geode Capital Management LLC grew its holdings in shares of SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after purchasing an additional 85,981 shares during the last quarter. NFJ Investment Group LLC bought a new stake in shares of SouthState Bank in the 4th quarter worth about $30,930,000. Finally, Northwestern Mutual Wealth Management Co. increased its position in shares of SouthState Bank by 350.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after purchasing an additional 17,365 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of recent analyst reports. Citigroup boosted their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. DA Davidson reaffirmed a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a report on Wednesday, June 10th. TD Cowen lifted their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Truist Financial lifted their target price on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Piper Sandler boosted their target price on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. One equities 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 stock. Based on data from MarketBeat, SouthState Bank currently has a consensus rating of “Buy” and a consensus price target of $119.64.

Insider Activity at SouthState Bank

In other news, CFO William E. V. Matthews sold 4,000 shares of the 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. This represents a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,831 shares of company stock worth $3,814,274 over the last three months. 1.70% of the stock is owned by insiders.

SouthState Bank Stock Performance

SouthState Bank stock opened at $105.95 on Friday. The stock has a 50-day simple moving average of $103.19 and a 200 day simple moving average of $99.00. 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 stock has a market capitalization of $10.27 billion, a price-to-earnings ratio of 11.14 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 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the prior year, the firm earned $2.30 EPS. On average, research analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were given a dividend of $0.66 per share. The ex-dividend date was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is currently 27.76%.

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.