Goldman Sachs Group Inc. Has $107.94 Million Stake in SouthState Bank Corporation $SSB

Goldman Sachs Group Inc. boosted its position in shares of SouthState Bank Corporation (NYSE:SSB) by 17.1% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,146,955 shares of the company’s stock after buying an additional 167,608 shares during the period. Goldman Sachs Group Inc.’s holdings in SouthState Bank were worth $107,940,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SSB. Jane Street Group LLC grew its stake in SouthState Bank by 4.6% during the first quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after buying an additional 3,678 shares in the last quarter. M&T Bank Corp acquired a new stake in SouthState Bank during the second quarter worth about $245,000. Arrowstreet Capital Limited Partnership grew its stake in SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock worth $5,825,000 after buying an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in SouthState Bank by 31.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock worth $176,000 after buying an additional 452 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in SouthState Bank during the second quarter worth about $919,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Up 0.9%

Shares of NYSE SSB opened at $95.60 on Wednesday. The company has a 50 day simple moving average of $95.48 and a 200 day simple moving average of $96.25. The firm has a market cap of $9.34 billion, a PE ratio of 10.31 and a beta of 0.70. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $108.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter last year, the business earned $0.87 EPS. On average, research analysts forecast that SouthState Bank Corporation will post 9.49 EPS for the current year.

SouthState Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is 25.89%.

Insider Transactions at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. JPMorgan Chase & Co. raised their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a research note on Thursday, May 21st. TD Cowen reduced 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 note on Monday, April 27th. 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 note on Monday, April 27th. Finally, Weiss Ratings downgraded shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $118.62.

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.