39,569 Shares in SouthState Bank Corporation $SSB Bought by Martin & Co. Inc. TN

Martin & Co. Inc. TN acquired a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 39,569 shares of the company’s stock, valued at approximately $3,953,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of SouthState Bank by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after purchasing an additional 161,928 shares during the period. BlackRock Inc. acquired a new position in shares of SouthState Bank during the 2nd quarter worth about $981,557,000. Dimensional Fund Advisors LP lifted its stake in SouthState Bank by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock valued at $456,554,000 after buying an additional 205,355 shares in the last quarter. Geode Capital Management LLC lifted its stake in SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock valued at $175,653,000 after buying an additional 85,981 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in SouthState Bank by 3.6% in the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock worth $155,068,000 after buying an additional 56,693 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $106.86 on Friday. The business’s 50 day moving average price is $103.35 and its 200 day moving average price is $99.05. The company has a market cap of $10.36 billion, a price-to-earnings ratio of 11.24 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The company had revenue of $672.67 million during the quarter, compared to analysts’ expectations of $676.83 million. During the same period in the prior year, the business earned $2.30 EPS. On average, research analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The company also recently disclosed 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 is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

Wall Street Analysts Forecast Growth

SSB has been the subject of several research reports. Citigroup boosted their price objective on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Hovde Group increased their price objective on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Barclays decreased their price objective on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Finally, UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research note on Tuesday, July 7th. One 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. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $119.64.

Insider Transactions 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 value of $435,720.00. Following the completion of the sale, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director David R. Brooks sold 24,650 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares of the company’s stock, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,831 shares of company stock worth $3,814,274 over the last ninety days. 1.70% of the stock is 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.