William Matthews Sells 4,000 Shares of SouthState Bank (NYSE:SSB) Stock

SouthState Bank Corporation (NYSE:SSB) CFO William 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 value of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This trade represents a 8.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

SouthState Bank Stock Down 1.1%

Shares of NYSE SSB opened at $105.95 on Friday. The business has a 50-day moving average price of $103.19 and a 200 day moving average price of $99.00. The stock has a market cap of $10.27 billion, a PE ratio of 11.14 and a beta of 0.71. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $112.20.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The company had revenue of $672.67 million during the quarter, compared to analysts’ expectations 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 business earned $2.30 earnings per share. Equities research analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend 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%.

Hedge Funds Weigh In On SouthState Bank

A number of large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of SouthState Bank in the second quarter valued at about $981,557,000. Norges Bank purchased a new position in SouthState Bank during the fourth quarter worth about $125,940,000. Bank of New York Mellon Corp acquired a new stake in SouthState Bank in the second quarter valued at about $130,419,000. AQR Capital Management LLC lifted its position in SouthState Bank by 269.4% in the third quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after purchasing an additional 889,042 shares during the period. Finally, The Manufacturers Life Insurance Company purchased a new stake in SouthState Bank in the 2nd quarter valued at approximately $85,467,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on SSB shares. Wall Street Zen downgraded shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. JPMorgan Chase & Co. upped their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a report on Wednesday, July 1st. TD Cowen increased their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Barclays lowered their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Finally, Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. One 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 stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $119.64.

SouthState Bank Company 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.