Partners Wealth Management LLC Makes New Investment in SouthState Bank Corporation $SSB

Partners Wealth Management LLC purchased a new stake in shares of SouthState Bank Corporation (NYSE:SSB) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 9,735 shares of the company’s stock, valued at approximately $969,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SSB. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SouthState Bank in the second quarter worth about $28,000. Root Financial Partners LLC increased its stake in SouthState Bank by 100.0% during 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 during the period. FNY Investment Advisers LLC acquired a new position in SouthState Bank during the 2nd quarter valued at about $50,000. Trust Co. of Vermont bought a new stake in shares of SouthState Bank during the 2nd quarter worth about $65,000. Finally, Parallel Advisors LLC raised its position in shares of SouthState Bank by 421.6% during the 1st quarter. Parallel Advisors LLC now owns 772 shares of the company’s stock worth $71,000 after buying an additional 624 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $105.04 on Friday. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $10.19 billion, a price-to-earnings ratio of 11.19 and a beta of 0.78. The firm has a 50-day moving average of $103.64 and a two-hundred day moving average of $100.24.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The business had revenue of $685.43 million during the quarter, compared to analyst estimates of $691.13 million. During the same period in the prior year, the firm earned $2.58 EPS. As a group, analysts expect that SouthState Bank Corporation will post 9.35 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, November 6th will be issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Friday, November 6th. SouthState Bank’s dividend payout ratio (DPR) is presently 28.12%.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction 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 owned 7,900 shares of the company’s stock, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William Matthews sold 4,000 shares of the stock in a transaction 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 sale, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This trade represents a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,831 shares of company stock valued at $3,814,274 over the last 90 days. 1.70% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Wall Street Zen cut shares of SouthState Bank from a “hold” rating to a “sell” rating in a report on Saturday, October 24th. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research note on Tuesday, July 7th. Barclays boosted their target price on SouthState Bank from $118.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, October 5th. Citigroup cut their target price on SouthState Bank from $126.00 to $124.00 and set a “buy” rating for the company in a research report on Monday, October 26th. Finally, Piper Sandler increased their price target on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. 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 company’s stock. According to data from MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and a consensus price target of $119.00.

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.