HBK Sorce Advisory LLC Acquires Shares of 9,964 SouthState Bank Corporation $SSB

HBK Sorce Advisory LLC bought a new stake in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, HoldingsChannel reports. The fund bought 9,964 shares of the company’s stock, valued at approximately $1,088,000.

A number of other large investors have also recently made changes to their positions in SSB. Nicholas Hoffman & Company LLC. grew its holdings 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 boosted its position 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 boosted its position 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 buying an additional 129 shares during the period. MML Investors Services LLC grew its stake 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 buying an additional 131 shares during the last quarter. Finally, FourThought Financial Partners LLC raised its holdings in shares of 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 buying an additional 139 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Up 0.0%

Shares of NYSE SSB opened at $111.62 on Monday. 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 firm has a market capitalization of $10.82 billion, a price-to-earnings ratio of 11.74 and a beta of 0.71. The stock has a 50 day moving average price of $102.20 and a 200 day moving average price of $98.81. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $111.79.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same quarter in the prior year, the firm earned $2.30 earnings per share. Sell-side analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The company also recently declared 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. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio is currently 27.76%.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. Hovde Group raised their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. upped their price objective on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Piper Sandler increased their target price on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. TD Cowen lifted their target price on SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price for the company. in a research note on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $119.64.

SouthState Bank 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.