Insider Selling: SouthState Bank (NYSE:SSB) Director Sells 6,181 Shares of Stock

SouthState Bank Corporation (NYSE:SSB) Director David Brooks sold 6,181 shares of the business’s stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $107.92, for a total value of $667,053.52. Following the sale, the director owned 1,762 shares in the company, valued at approximately $190,155.04. The trade was a 77.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

SouthState Bank Stock Performance

NYSE SSB traded up $1.12 during trading hours on Tuesday, reaching $108.97. The stock had a trading volume of 83,051 shares, compared to its average volume of 846,491. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.69. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.93 and a current ratio of 0.93. The stock has a market cap of $10.64 billion, a P/E ratio of 11.45 and a beta of 0.71. The stock has a fifty day moving average of $99.44 and a 200 day moving average of $98.14.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $672.67 million during the quarter, compared to analysts’ expectations 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 in the previous year, the business posted $2.30 EPS. Sell-side analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be issued a $0.66 dividend. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.4%. SouthState Bank’s dividend payout ratio is currently 25.24%.

Wall Street Analysts Forecast Growth

SSB has been the topic of several analyst reports. Piper Sandler raised their target price on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Hovde Group increased their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. DA Davidson restated a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a research report on Wednesday, June 10th. TD Cowen lifted their price objective on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a research report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.64.

Hedge Funds Weigh In On SouthState Bank

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SSB. Jane Street Group LLC raised its position in shares of SouthState Bank by 4.6% during the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock worth $7,703,000 after purchasing an additional 3,678 shares during the last quarter. M&T Bank Corp acquired a new position in shares of SouthState Bank during the second quarter valued at approximately $245,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock valued at $5,825,000 after acquiring an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after acquiring an additional 452 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in shares of SouthState Bank in the second quarter valued at approximately $919,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

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.