Insider Selling: SouthState Bank (NYSE:SSB) Director Sells $1,406,977.00 in Stock

SouthState Bank Corporation (NYSE:SSB) Director David Brooks sold 14,300 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the sale, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

SouthState Bank Stock Down 0.1%

SouthState Bank stock opened at $97.56 on Friday. The firm has a market cap of $9.57 billion, a price-to-earnings ratio of 10.52 and a beta of 0.72. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The business’s 50-day moving average price is $95.62 and its 200 day moving average price is $95.40. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same period last year, the company earned $0.87 earnings per share. As a group, sell-side analysts anticipate that SouthState Bank Corporation will post 9.48 earnings per share for the current year.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Friday, May 8th will be given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is currently 25.89%.

Analyst Ratings Changes

SSB has been the topic of several analyst reports. Truist Financial dropped their price target on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Stephens raised their price target on shares of SouthState Bank from $110.00 to $120.00 and gave the company an “overweight” rating in a research report on Monday, January 26th. Hovde Group raised their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. TD Cowen dropped their price target on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. Finally, DA Davidson raised their price objective on SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, February 5th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $118.36.

Institutional Trading of SouthState Bank

Institutional investors have recently made changes to their positions in the company. Fort Washington Investment Advisors Inc. OH boosted its stake in shares of SouthState Bank by 52.6% in the third quarter. Fort Washington Investment Advisors Inc. OH now owns 250,083 shares of the company’s stock worth $24,723,000 after acquiring an additional 86,234 shares during the last quarter. CWM LLC boosted its stake in shares of SouthState Bank by 689.1% in the third quarter. CWM LLC now owns 91,288 shares of the company’s stock worth $9,026,000 after acquiring an additional 79,719 shares during the last quarter. Signaturefd LLC boosted its stake in shares of SouthState Bank by 101.0% in the third quarter. Signaturefd LLC now owns 25,068 shares of the company’s stock worth $2,478,000 after acquiring an additional 12,597 shares during the last quarter. JPMorgan Chase & Co. boosted its position in SouthState Bank by 4.7% during the third quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company’s stock worth $37,675,000 after acquiring an additional 16,974 shares during the last quarter. Finally, Merit Financial Group LLC acquired a new position in SouthState Bank during the third quarter worth about $1,190,000. 89.76% of the stock is owned by institutional investors and hedge funds.

About SouthState Bank

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.