SouthState Bank Corporation $SSB Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 26.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,217,267 shares of the company’s stock after purchasing an additional 253,178 shares during the period. Bank of New York Mellon Corp’s holdings in SouthState Bank were worth $112,025,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Blue Trust Inc. boosted its position in SouthState Bank by 12.4% in the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock worth $91,000 after purchasing an additional 109 shares in the last quarter. IFP Advisors Inc lifted its stake in shares of SouthState Bank by 14.2% in the 1st quarter. IFP Advisors Inc now owns 943 shares of the company’s stock valued at $87,000 after purchasing an additional 117 shares during the period. Nisa Investment Advisors LLC boosted its holdings in SouthState Bank by 5.2% during the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the company’s stock worth $220,000 after buying an additional 118 shares in the last quarter. Nicholson Wealth Management Group LLC boosted its holdings in SouthState Bank by 1.8% during the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock worth $663,000 after buying an additional 125 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in SouthState Bank by 14.0% during the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after buying an additional 134 shares during the period. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Price Performance

NYSE SSB opened at $87.70 on Friday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a 50 day moving average price of $96.83. The stock has a market capitalization of $8.82 billion, a P/E ratio of 12.06 and a beta of 0.77. SouthState Bank Corporation has a 1-year low of $77.74 and a 1-year high of $114.26.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Wednesday, October 22nd. The company reported $2.58 EPS for the quarter, topping the consensus estimate of $2.20 by $0.38. The firm had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.During the same period in the previous year, the business earned $1.90 earnings per share.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, November 7th will be paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Friday, November 7th. SouthState Bank’s dividend payout ratio (DPR) is currently 33.01%.

Insiders Place Their Bets

In related news, insider Daniel E. Bockhorst sold 5,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the sale, the insider owned 31,785 shares of the company’s stock, valued at approximately $3,165,786. This represents a 13.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on SSB shares. Piper Sandler decreased their price objective on shares of SouthState Bank from $121.00 to $118.00 and set an “overweight” rating for the company in a research report on Monday, October 27th. Citigroup reduced their price target on SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a report on Monday, October 27th. National Bankshares set a $127.00 price objective on SouthState Bank in a report on Wednesday, September 24th. Barclays upped their target price on SouthState Bank from $117.00 to $120.00 and gave the stock an “overweight” rating in a research note on Monday, July 28th. Finally, Zacks Research cut shares of SouthState Bank from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $114.92.

SouthState Bank Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.