Legal & General Group Plc Sells 11,639 Shares of SouthState Bank Corporation $SSB

Legal & General Group Plc cut its holdings in SouthState Bank Corporation (NYSE:SSB) by 7.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 148,006 shares of the company’s stock after selling 11,639 shares during the quarter. Legal & General Group Plc’s holdings in SouthState Bank were worth $13,929,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Measured Wealth Private Client Group LLC acquired a new stake in SouthState Bank during the 3rd quarter worth approximately $51,000. State of Wyoming boosted its holdings in shares of SouthState Bank by 356.0% in the third quarter. State of Wyoming now owns 570 shares of the company’s stock valued at $56,000 after buying an additional 445 shares during the period. Ameritas Advisory Services LLC bought a new stake in shares of SouthState Bank during the third quarter worth $57,000. Danske Bank A S acquired a new stake in shares of SouthState Bank during the third quarter worth $59,000. Finally, Torren Management LLC bought a new stake in SouthState Bank in the 4th quarter valued at $69,000. 89.76% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

SouthState Bank Stock Performance

Shares of SSB stock opened at $94.19 on Wednesday. The stock has a market cap of $9.20 billion, a P/E ratio of 10.16 and a beta of 0.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. The company has a fifty day moving average price of $95.02 and a two-hundred day moving average price of $95.96. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $108.46.

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

SouthState Bank Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. TD Cowen lowered their target price on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a report on Monday, April 27th. Truist Financial reduced their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. DA Davidson increased their price objective on SouthState Bank from $119.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, February 5th. Hovde Group lifted their target price on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Finally, Barclays cut their target price on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $118.62.

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.