Jefferies Financial Group Inc. Takes $1.10 Million Position in SouthState Bank Corporation $SSB

Jefferies Financial Group Inc. purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 11,050 shares of the company’s stock, valued at approximately $1,104,000.

Several other hedge funds also recently bought and sold shares of SSB. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of SouthState Bank in the second quarter worth about $28,000. Root Financial Partners LLC grew its stake in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after acquiring an additional 210 shares in the last quarter. FNY Investment Advisers LLC purchased a new position in shares of SouthState Bank during the second quarter worth approximately $50,000. Measured Wealth Private Client Group LLC bought a new stake in shares of SouthState Bank during the third quarter valued at approximately $51,000. Finally, GHP Investment Advisors Inc. bought a new stake in shares of SouthState Bank during the first quarter valued at approximately $52,000. Institutional investors own 89.76% of the company’s stock.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the sale, the director owned 7,900 shares of the company’s stock, valued at approximately $869,000. The trade was a 75.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,831 shares of company stock worth $3,814,274 in the last 90 days. Insiders own 1.70% of the company’s stock.

SouthState Bank Price Performance

Shares of SSB stock opened at $106.00 on Monday. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $112.20. The stock’s 50-day moving average is $104.31 and its 200 day moving average is $99.02. The company has a market cap of $10.28 billion, a P/E ratio of 11.15 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $672.67 million for 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 firm earned $2.30 earnings per share. Research analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a dividend of $0.66 per share. The ex-dividend date was Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio (DPR) is currently 27.76%.

Analyst Ratings Changes

SSB has been the topic of several research reports. DA Davidson restated a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a report on Wednesday, June 10th. Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. Barclays lowered their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. JPMorgan Chase & Co. raised their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Finally, Stephens reissued an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $119.64.

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.