Westwood Holdings Group Inc. Has $112.07 Million Stock Position in SouthState Bank Corporation $SSB

Westwood Holdings Group Inc. raised its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 22.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,217,703 shares of the company’s stock after purchasing an additional 227,168 shares during the quarter. SouthState Bank accounts for about 1.0% of Westwood Holdings Group Inc.’s investment portfolio, making the stock its 17th biggest position. Westwood Holdings Group Inc.’s holdings in SouthState Bank were worth $112,065,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of SSB. Rise Advisors LLC acquired a new position in shares of SouthState Bank in the 1st quarter valued at $33,000. Flaharty Asset Management LLC acquired a new stake in SouthState Bank in the 1st quarter valued at $45,000. TFC Financial Management Inc. grew its position in SouthState Bank by 49,800.0% in the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock valued at $46,000 after acquiring an additional 498 shares during the period. Summit Securities Group LLC lifted its holdings in shares of SouthState Bank by 81.5% during the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock valued at $64,000 after acquiring an additional 309 shares during the period. Finally, Smartleaf Asset Management LLC boosted its stake in shares of SouthState Bank by 1,103.4% in the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $64,000 after purchasing an additional 640 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SSB shares. Weiss Ratings reissued a “buy (b-)” rating on shares of SouthState Bank in a report on Wednesday, October 8th. Piper Sandler decreased their price target on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a research report on Monday, October 27th. Cowen started coverage on SouthState Bank in a research report on Wednesday, September 24th. They issued a “buy” rating for the company. TD Cowen lowered their price objective on shares of SouthState Bank from $127.00 to $120.00 and set a “buy” rating for the company in a research report on Monday, October 27th. 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 analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and a consensus price target of $115.31.

SouthState Bank Stock Down 0.5%

Shares of SouthState Bank stock opened at $88.82 on Friday. The business’s fifty day moving average is $95.49. The firm has a market capitalization of $8.93 billion, a PE ratio of 12.22 and a beta of 0.77. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a 12 month low of $77.74 and a 12 month high of $114.26.

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

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, November 7th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Friday, November 7th. SouthState Bank’s dividend payout ratio is 33.01%.

Insider Activity at SouthState Bank

In related news, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the sale, the insider directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is currently owned by corporate insiders.

About SouthState Bank

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.