iSAM Funds UK Ltd Sells 7,618 Shares of SouthState Bank Corporation $SSB

iSAM Funds UK Ltd trimmed its stake in SouthState Bank Corporation (NYSE:SSB) by 44.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,700 shares of the company’s stock after selling 7,618 shares during the quarter. iSAM Funds UK Ltd’s holdings in SouthState Bank were worth $969,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of SouthState Bank during the 2nd quarter worth approximately $28,000. Root Financial Partners LLC lifted its stake in SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after purchasing an additional 210 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in SouthState Bank in the second quarter valued at approximately $50,000. Measured Wealth Private Client Group LLC purchased a new position in SouthState Bank in the third quarter valued at approximately $51,000. Finally, GHP Investment Advisors Inc. bought a new position in SouthState Bank during the first quarter valued at $52,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Citigroup raised their target price on SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Stephens reiterated an “overweight” rating and set a $116.00 price target on shares of SouthState Bank in a research note on Monday, July 27th. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. DA Davidson reissued a “buy” rating and issued a $125.00 price objective on shares of SouthState Bank in a report on Wednesday, June 10th. Finally, Wall Street Zen cut SouthState Bank from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $119.64.

Insiders Place Their Bets

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. The trade was a 8.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. The trade was a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 34,831 shares of company stock worth $3,814,274. 1.70% of the stock is currently owned by corporate insiders.

SouthState Bank Stock Up 2.3%

SouthState Bank stock opened at $106.37 on Thursday. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $112.20. The firm has a market capitalization of $10.31 billion, a price-to-earnings ratio of 11.19 and a beta of 0.72. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm has a 50 day simple moving average of $104.70 and a 200 day simple moving average of $99.05.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the previous year, the firm posted $2.30 EPS. On average, analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio is presently 27.76%.

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.