David Brooks Sells 6,181 Shares of SouthState Bank (NYSE:SSB) Stock

SouthState Bank Corporation (NYSE:SSB) Director David Brooks sold 6,181 shares of SouthState Bank stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $107.92, for a total transaction of $667,053.52. Following the completion of the sale, the director directly owned 1,762 shares of the company’s stock, valued at approximately $190,155.04. This trade represents a 77.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

SouthState Bank Price Performance

NYSE SSB opened at $109.13 on Thursday. The stock has a market capitalization of $10.58 billion, a price-to-earnings ratio of 11.48 and a beta of 0.71. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $110.47. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. The business’s fifty day moving average price is $100.00 and its 200-day moving average price is $98.29.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $672.67 million during the quarter, compared to analyst estimates 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 previous year, the company posted $2.30 earnings per share. On average, equities analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.66 per share. The ex-dividend date is Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.4%. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio is presently 25.24%.

Wall Street Analyst Weigh In

SSB has been the topic of several recent research reports. UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective on the stock. in a research note on Tuesday, July 7th. DA Davidson restated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a report on Wednesday, July 1st. Barclays decreased their price target on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. Finally, Hovde Group lifted their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, SouthState Bank presently has a consensus rating of “Moderate Buy” and an average target price of $119.64.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SSB. Jane Street Group LLC increased its holdings in SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after acquiring an additional 3,678 shares in the last quarter. M&T Bank Corp purchased a new position in SouthState Bank during the second quarter valued at approximately $245,000. Arrowstreet Capital Limited Partnership lifted its holdings 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 valued at $5,825,000 after purchasing an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock worth $176,000 after purchasing an additional 452 shares during the period. Finally, Jump Financial LLC bought a new position in shares of SouthState Bank in the second quarter worth approximately $919,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.