SouthState Bank (NYSE:SSB) Director David Brooks Sells 24,650 Shares of Stock

SouthState Bank Corporation (NYSE:SSB) Director David Brooks sold 24,650 shares of SouthState Bank stock in a transaction on 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 completion of the transaction, the director owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

SouthState Bank Trading Down 0.3%

Shares of NYSE SSB opened at $108.21 on Friday. 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 stock has a market capitalization of $10.49 billion, a P/E ratio of 11.38 and a beta of 0.71. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $110.46. The business has a fifty day moving average price of $100.55 and a 200 day moving average price of $98.43.

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. Equities research analysts expect that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is presently 27.76%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on SSB shares. Piper Sandler increased their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. TD Cowen lifted their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Wall Street Zen downgraded SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. JPMorgan Chase & Co. increased their price objective on SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. Finally, Truist Financial raised their price objective on SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $119.64.

Institutional Trading of SouthState Bank

A number of institutional investors have recently bought and sold shares of SSB. Meeder Advisory Services Inc. acquired a new position in SouthState Bank during the 2nd quarter valued at approximately $572,000. Citizens Financial Group Inc. RI purchased a new position in shares of SouthState Bank in the second quarter worth $294,000. Texas Capital Bank Wealth Management Services Inc acquired a new stake in shares of SouthState Bank during the second quarter worth $627,000. BlackRock Inc. acquired a new stake in shares of SouthState Bank during the second quarter worth $981,557,000. Finally, Deutsche Bank AG purchased a new stake in shares of SouthState Bank during the second quarter valued at $1,202,000. 89.76% of the stock is currently 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.