MBL Wealth LLC Purchases 5,798 Shares of SouthState Bank Corporation $SSB

MBL Wealth LLC purchased a new position in SouthState Bank Corporation (NYSE:SSB) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,798 shares of the company’s stock, valued at approximately $577,000.

Other large investors also recently added to or reduced their stakes in the company. 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. State Street Corp lifted its stake in SouthState Bank by 3.3% in the 2nd quarter. State Street Corp now owns 3,858,127 shares of the company’s stock valued at $385,427,000 after buying an additional 123,549 shares in the last quarter. Wellington Management Group LLP boosted its holdings in SouthState Bank by 15.4% in the 2nd quarter. Wellington Management Group LLP now owns 1,520,652 shares of the company’s stock worth $151,913,000 after buying an additional 202,931 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in SouthState Bank by 26.1% in the 1st quarter. Bank of New York Mellon Corp now owns 1,442,939 shares of the company’s stock worth $133,501,000 after buying an additional 298,821 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Price Performance

NYSE:SSB opened at $105.73 on Friday. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20. The stock has a market cap of $10.25 billion, a PE ratio of 11.26 and a beta of 0.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.93 and a current ratio of 0.95. The stock has a 50 day moving average price of $103.94 and a 200 day moving average price of $100.88.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing analysts’ consensus estimates of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The company had revenue of $685.43 million for the quarter, compared to analyst estimates of $691.13 million. During the same period last year, the firm posted $2.58 EPS. Equities research analysts expect that SouthState Bank Corporation will post 9.44 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, November 6th will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. SouthState Bank’s payout ratio is presently 28.12%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SSB shares. TD Cowen cut their price objective on SouthState Bank from $120.00 to $116.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Stephens restated an “overweight” rating and issued a $116.00 target price on shares of SouthState Bank in a research report on Monday, July 27th. JPMorgan Chase & Co. lowered their price target on SouthState Bank from $125.00 to $120.00 and set an “overweight” rating on the stock in a research note on Thursday, October 1st. Citigroup boosted their price target on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Finally, UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective for the company. in a research note on Tuesday, July 7th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $118.54.

Insider Transactions at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of the company’s 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 transaction, the director directly owned 7,900 shares in the company, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William Matthews sold 4,000 shares of the firm’s stock in a transaction 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 sale, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their position. The SEC filing for this sale provides additional information. 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.

About SouthState Bank

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation (NYSE: SSB). The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.