Public Employees Retirement System of Ohio Takes Position in SouthState Bank Corporation $SSB

Public Employees Retirement System of Ohio purchased a new position in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 31,026 shares of the company’s stock, valued at approximately $3,099,000.

A number of other institutional investors have also made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in SouthState Bank during the second quarter worth about $28,000. Root Financial Partners LLC increased its stake 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 acquiring an additional 210 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in shares of SouthState Bank in the 2nd quarter valued at about $50,000. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank in the 3rd quarter valued at approximately $51,000. Finally, GHP Investment Advisors Inc. acquired a new stake in shares of SouthState Bank in the 1st quarter valued at approximately $52,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction dated 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 sale, the director 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 SEC, which is available through the SEC website. Also, CFO William Matthews sold 4,000 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the sale, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 over the last ninety days. 1.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on SSB shares. TD Cowen boosted their price objective on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Truist Financial increased their target price on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Citigroup lifted their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a report on Wednesday, July 1st. Finally, DA Davidson restated a “buy” rating and issued a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $119.64.

SouthState Bank Price Performance

NYSE SSB opened at $108.02 on Friday. The business has a 50 day simple moving average of $104.96 and a 200 day simple moving average of $99.13. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $112.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The stock has a market cap of $10.47 billion, a price-to-earnings ratio of 11.36 and a beta of 0.72.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating 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 net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the previous year, the firm posted $2.30 earnings per share. Analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business 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. The ex-dividend date was Friday, August 7th. This is a positive change 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 2.4%. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

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.