United Capital Financial Advisors LLC Purchases New Position in SouthState Bank Corporation $SSB

United Capital Financial Advisors LLC acquired a new position in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,848 shares of the company’s stock, valued at approximately $684,000.

Other hedge funds have also bought and sold shares of the company. FJ Capital Management LLC boosted its holdings in shares of SouthState Bank by 54.0% in the fourth quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock worth $76,515,000 after acquiring an additional 285,091 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in shares of SouthState Bank during the 1st quarter valued at $4,898,000. Geode Capital Management LLC raised its stake in shares of SouthState Bank by 4.8% during the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock valued at $175,653,000 after purchasing an additional 85,981 shares during the period. NFJ Investment Group LLC purchased a new stake in SouthState Bank during the 4th quarter worth about $30,930,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in SouthState Bank by 350.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after purchasing an additional 17,365 shares in the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $106.00 on Monday. 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 Corporation has a one year low of $84.47 and a one year high of $112.20. The business’s 50 day simple moving average is $104.31 and its two-hundred day simple moving average is $99.02. The stock has a market capitalization of $10.28 billion, a P/E ratio of 11.15 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last released 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. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. During the same quarter in the prior year, the firm posted $2.30 earnings per share. Analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors 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 dividend on an annualized basis and a yield of 2.5%. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio (DPR) is currently 27.76%.

Wall Street Analyst Weigh In

SSB has been the subject of a number of recent analyst reports. TD Cowen lifted their target price on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Truist Financial increased their target price on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Barclays decreased their target price on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. Finally, Stephens reissued an “overweight” rating and issued a $116.00 price target on shares of SouthState Bank in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $119.64.

Insiders Place Their Bets

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the sale, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 34,831 shares of company stock valued at $3,814,274 over the last quarter. 1.70% of the stock is currently owned by company insiders.

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.