8,857 Shares in SouthState Bank Corporation $SSB Acquired by New York Life Investment Management LLC

New York Life Investment Management LLC bought a new position in SouthState Bank Corporation (NYSE:SSB) in the 4th quarter, Holdings Channel reports. The fund bought 8,857 shares of the company’s stock, valued at approximately $834,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SSB. AQR Capital Management LLC boosted its stake in SouthState Bank by 269.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after purchasing an additional 889,042 shares during the period. Jane Street Group LLC boosted its stake in SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company’s stock worth $69,548,000 after purchasing an additional 672,721 shares during the period. Invesco Ltd. boosted its stake in SouthState Bank by 35.6% in the 3rd quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after purchasing an additional 418,031 shares during the period. Verition Fund Management LLC boosted its stake in SouthState Bank by 426.9% in the 3rd quarter. Verition Fund Management LLC now owns 380,598 shares of the company’s stock worth $37,630,000 after purchasing an additional 308,362 shares during the period. Finally, Bank of Montreal Can boosted its stake in SouthState Bank by 2,256.9% in the 3rd quarter. Bank of Montreal Can now owns 269,088 shares of the company’s stock worth $26,605,000 after purchasing an additional 257,671 shares during the period. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 14,300 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on SSB shares. Hovde Group upped their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. TD Cowen dropped their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings upgraded SouthState Bank from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Monday, January 26th. Finally, Truist Financial lowered their target price on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, SouthState Bank presently has a consensus rating of “Buy” and a consensus target price of $118.23.

SouthState Bank Stock Down 0.9%

NYSE SSB opened at $92.03 on Wednesday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market capitalization of $8.99 billion, a P/E ratio of 9.93 and a beta of 0.72. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $108.46. The stock has a 50 day moving average price of $94.41 and a 200-day moving average price of $95.56.

SouthState Bank (NYSE:SSB) last posted its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating analysts’ consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same period in the prior year, the company earned $0.87 EPS. As a group, equities analysts predict that SouthState Bank Corporation will post 9.46 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.6%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio is presently 25.89%.

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.