CFO4Life Group LLC Makes New $554,000 Investment in SouthState Bank Corporation $SSB

CFO4Life Group LLC bought a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 5,544 shares of the company’s stock, valued at approximately $554,000.

A number of other institutional investors have also recently modified their holdings of SSB. Nicholas Hoffman & Company LLC. raised its holdings in SouthState Bank by 0.7% in the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after purchasing an additional 111 shares during the period. Cetera Investment Advisers grew its holdings in SouthState Bank by 0.6% in the first quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock valued at $1,754,000 after purchasing an additional 116 shares during the period. HB Wealth Management LLC grew its holdings in SouthState Bank by 0.7% in the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after purchasing an additional 129 shares during the period. MML Investors Services LLC grew its holdings in SouthState Bank by 5.9% in the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after purchasing an additional 131 shares during the period. Finally, FourThought Financial Partners LLC increased its position in shares of SouthState Bank by 5.8% in the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock valued at $239,000 after buying an additional 139 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Up 1.0%

Shares of NYSE SSB opened at $106.86 on Friday. The stock has a market cap of $10.36 billion, a PE ratio of 11.24 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The company has a 50-day moving average of $103.35 and a 200 day moving average of $99.05.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The business had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same period last year, the company posted $2.30 EPS. As a group, sell-side analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were issued a $0.66 dividend. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s payout ratio is 27.76%.

Insider Buying and Selling

In related news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction that occurred on 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 transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This trade represents a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In 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 company insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SSB shares. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. JPMorgan Chase & Co. lifted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research note on Wednesday, July 1st. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a report on Wednesday, July 1st. Stephens restated an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a research report on Monday, July 27th. Finally, Barclays decreased their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, SouthState Bank has a consensus rating of “Buy” and a consensus 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.