M&T Bank Corp Raises Stock Position in SouthState Bank Corporation $SSB

M&T Bank Corp lifted its position in SouthState Bank Corporation (NYSE:SSB) by 380.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 12,851 shares of the company’s stock after buying an additional 10,176 shares during the period. M&T Bank Corp’s holdings in SouthState Bank were worth $1,209,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Blue Trust Inc. lifted its stake in SouthState Bank by 11.2% during the 3rd quarter. Blue Trust Inc. now owns 1,102 shares of the company’s stock valued at $109,000 after acquiring an additional 111 shares during the period. B. Riley Wealth Advisors Inc. lifted its stake in SouthState Bank by 4.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock valued at $245,000 after acquiring an additional 115 shares during the period. Keybank National Association OH lifted its stake in SouthState Bank by 2.7% during the 3rd quarter. Keybank National Association OH now owns 5,690 shares of the company’s stock valued at $563,000 after acquiring an additional 150 shares during the period. Independent Advisor Alliance lifted its stake in SouthState Bank by 0.5% during the 3rd quarter. Independent Advisor Alliance now owns 28,291 shares of the company’s stock valued at $2,797,000 after acquiring an additional 150 shares during the period. Finally, First Horizon Corp lifted its stake in SouthState Bank by 27.8% during the 4th quarter. First Horizon Corp now owns 813 shares of the company’s stock valued at $77,000 after acquiring an additional 177 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Activity

In other news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the sale, the director owned 12,700 shares of the company’s stock, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. DA Davidson lifted their price objective on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, February 5th. Jefferies Financial Group lifted their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Raymond James Financial boosted their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company a “strong-buy” rating in a research note on Wednesday, January 7th. Weiss Ratings upgraded shares of SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Finally, Truist Financial decreased their target price on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $118.36.

SouthState Bank Price Performance

SouthState Bank stock opened at $96.61 on Thursday. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The firm has a market capitalization of $9.47 billion, a price-to-earnings ratio of 10.42 and a beta of 0.75. The company has a fifty day simple moving average of $95.74 and a 200-day simple moving average of $95.39. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The business had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.29 million. During the same quarter in the prior year, the firm earned $0.87 earnings per share. On average, equities analysts anticipate that SouthState Bank Corporation will post 9.52 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Friday, May 8th will be issued a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio is presently 25.89%.

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.