Meeder Advisory Services Inc. Invests $572,000 in SouthState Bank Corporation $SSB

Meeder Advisory Services Inc. acquired a new stake in SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,724 shares of the company’s stock, valued at approximately $572,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SouthState Bank during the second quarter worth approximately $28,000. Root Financial Partners LLC boosted its holdings in shares of SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of SouthState Bank in the 2nd quarter valued at $50,000. Measured Wealth Private Client Group LLC purchased a new position in shares of SouthState Bank in the 3rd quarter valued at $51,000. Finally, GHP Investment Advisors Inc. acquired a new stake in SouthState Bank during the 1st quarter worth $52,000. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. TD Cowen upped their price objective on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Truist Financial boosted their target price on SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. DA Davidson reissued a “buy” rating and issued a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. Finally, Citigroup raised their price target on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, SouthState Bank presently has a consensus rating of “Buy” and a consensus target price of $119.64.

SouthState Bank Price Performance

Shares of NYSE:SSB opened at $105.95 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 capitalization of $10.27 billion, a price-to-earnings ratio of 11.14 and a beta of 0.71. The company has a 50-day simple moving average of $103.19 and a 200-day simple moving average of $99.00. 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 results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analyst estimates 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 last year, the company posted $2.30 earnings per share. On average, analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a $0.66 dividend. The ex-dividend date of this dividend was Friday, August 7th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio is presently 27.76%.

Insider Buying and Selling

In related news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction on Wednesday, August 5th. The shares were 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 $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 34,831 shares of company stock worth $3,814,274. Corporate insiders own 1.70% of the company’s stock.

About SouthState Bank

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.