Ieq Capital LLC Takes $2.34 Million Position in SouthState Bank Corporation $SSB

Ieq Capital LLC acquired a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, HoldingsChannel reports. The institutional investor acquired 23,452 shares of the company’s stock, valued at approximately $2,343,000.

A number of other hedge funds have also modified their holdings of SSB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in shares of SouthState Bank in the 2nd quarter valued at $28,000. Root Financial Partners LLC raised its holdings in SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after buying an additional 210 shares during the period. FNY Investment Advisers LLC purchased a new stake in SouthState Bank during the second quarter valued at about $50,000. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank in the third quarter worth about $51,000. Finally, GHP Investment Advisors Inc. acquired a new position in shares of SouthState Bank in the first quarter worth about $52,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on SSB. Barclays cut their price target on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Truist Financial raised their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Fundamental Research set a $120.00 price objective on shares of SouthState Bank 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 company an “overweight” rating in a report on Monday, July 27th. Finally, Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $119.64.

SouthState Bank Stock Performance

SSB stock opened at $106.12 on Wednesday. The firm has a 50 day simple moving average of $103.71 and a 200 day simple moving average of $99.05. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The stock has a market cap of $10.29 billion, a P/E ratio of 11.16 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 (NYSE:SSB) last released its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same quarter in the prior year, the business earned $2.30 EPS. Research analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal 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 issued a dividend of $0.66 per share. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio is 27.76%.

Insiders Place Their Bets

In other news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction dated 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 completion of the sale, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 34,831 shares of company stock valued at $3,814,274. Insiders own 1.70% of the company’s stock.

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.