6,274 Shares in SouthState Bank Corporation $SSB Bought by Texas Capital Bank Wealth Management Services Inc

Texas Capital Bank Wealth Management Services Inc acquired a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 6,274 shares of the company’s stock, valued at approximately $590,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Jane Street Group LLC grew its holdings in SouthState Bank by 4.6% in the first quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after purchasing an additional 3,678 shares during the last quarter. M&T Bank Corp acquired a new stake in SouthState Bank in the second quarter valued at $245,000. Arrowstreet Capital Limited Partnership grew its holdings in SouthState Bank by 1,801.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock valued at $5,825,000 after purchasing an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after purchasing an additional 452 shares during the last quarter. Finally, Jump Financial LLC acquired a new stake in SouthState Bank in the second quarter valued at $919,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

SouthState Bank Stock Down 0.3%

SSB opened at $94.59 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The firm has a market cap of $9.24 billion, a P/E ratio of 10.20 and a beta of 0.72. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The business’s fifty day simple moving average is $94.84 and its 200 day simple moving average is $95.89.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter last year, the company earned $0.87 earnings per share. As a group, equities research analysts anticipate that SouthState Bank Corporation will post 9.49 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SSB. Jefferies Financial Group upped their target price on SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Truist Financial lowered their target price on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. TD Cowen lowered their target price on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a report on Monday, April 27th. JPMorgan Chase & Co. upped their target price on SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Finally, Weiss Ratings lowered SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $118.62.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares of the company’s stock, valued at $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is currently owned by insiders.

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.