Elevation Point Wealth Partners LLC Acquires Shares of 27,572 SouthState Bank Corporation $SSB

Elevation Point Wealth Partners LLC bought a new position in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 27,572 shares of the company’s stock, valued at approximately $2,754,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SSB. Vanguard Group Inc. raised its position in shares of SouthState Bank by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock worth $1,029,315,000 after purchasing an additional 161,928 shares during the last quarter. BlackRock Inc. purchased a new stake in SouthState Bank during the 2nd quarter valued at about $981,557,000. Dimensional Fund Advisors LP increased its stake in SouthState Bank by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock valued at $456,554,000 after purchasing an additional 205,355 shares in the last quarter. Geode Capital Management LLC increased its stake in 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 in the last quarter. Finally, Invesco Ltd. raised its holdings in SouthState Bank by 3.6% in the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock worth $155,068,000 after buying an additional 56,693 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Stock Performance

Shares of SSB stock opened at $106.86 on Monday. 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 stock has a market capitalization of $10.36 billion, a P/E ratio of 11.24 and a beta of 0.71. The firm’s 50 day moving average is $103.35 and its 200 day moving average is $99.03.

SouthState Bank (NYSE:SSB) last announced its earnings results 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. The business had revenue of $672.67 million during 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 in the previous year, the business earned $2.30 EPS. Research analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a $0.66 dividend. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s dividend payout ratio is currently 27.76%.

Insider Activity

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares of the company’s stock, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 34,831 shares of company stock worth $3,814,274 over the last three months. Insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the stock. Stephens reiterated an “overweight” rating and set a $116.00 price target on shares of SouthState Bank in a report on Monday, July 27th. Piper Sandler boosted their price target on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. TD Cowen upped their price target on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Wall Street Zen cut SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, JPMorgan Chase & Co. lifted their price objective on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a report on Wednesday, July 1st. One 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $119.64.

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.