Sanctuary Advisors LLC Takes $658,000 Position in SouthState Bank Corporation $SSB

Sanctuary Advisors LLC purchased a new position in SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,591 shares of the company’s stock, valued at approximately $658,000.

A number of other hedge funds have also modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in SouthState Bank during the second quarter valued at $969,000. Meiji Yasuda Asset Management Co Ltd. purchased a new position in SouthState Bank in the second quarter valued at about $226,000. Elevation Point Wealth Partners LLC acquired a new position in SouthState Bank in the 2nd quarter worth about $2,754,000. Northwestern Mutual Wealth Management Co. acquired a new position in SouthState Bank in the 2nd quarter worth about $498,000. Finally, CFO4Life Group LLC purchased a new stake in shares of SouthState Bank during the 2nd quarter worth about $554,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on SSB. Piper Sandler lifted their price target on SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. TD Cowen raised their price objective on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Wall Street Zen cut shares of SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. Finally, UBS Group downgraded shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price for the company. in a research report on Tuesday, July 7th. One 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $119.64.

SouthState Bank Trading Down 0.0%

SouthState Bank stock opened at $106.00 on Friday. 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 business’s 50-day simple moving average is $104.31 and its 200-day simple moving average is $99.08. The firm has a market capitalization of $10.28 billion, a PE ratio of 11.15 and a beta of 0.71. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $2.30 EPS. Equities research analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

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

Insider Activity at SouthState Bank

In other news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the sale, the director owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 34,831 shares of company stock valued at $3,814,274 over the last three months. 1.70% of the stock is owned by company insiders.

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.