Cibc World Market Inc. Takes $1.82 Million Position in SouthState Bank Corporation $SSB

Cibc World Market Inc. purchased a new stake in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 18,249 shares of the company’s stock, valued at approximately $1,823,000.

A number of other institutional investors have also recently added to or reduced their stakes in SSB. FJ Capital Management LLC grew 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 valued at $76,515,000 after purchasing an additional 285,091 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in SouthState Bank during the first quarter worth about $4,898,000. Geode Capital Management LLC raised its stake in SouthState Bank by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after purchasing an additional 85,981 shares during the period. NFJ Investment Group LLC purchased a new position in SouthState Bank during the fourth quarter worth about $30,930,000. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in SouthState Bank by 350.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock valued at $2,100,000 after purchasing an additional 17,365 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction that occurred on 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 completion of the sale, the director owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the sale, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 34,831 shares of company stock worth $3,814,274. Company insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on SSB shares. 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. Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Truist Financial upped their price objective on SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Citigroup upped their price objective on SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Finally, TD Cowen increased their price objective on SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, SouthState Bank has a consensus rating of “Buy” and an average price target of $119.64.

SouthState Bank Stock Down 0.3%

Shares of SSB opened at $106.09 on Friday. The company’s 50-day moving average price is $104.12 and its 200 day moving average price is $99.03. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The firm has a market cap of $10.29 billion, a P/E ratio of 11.16 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The company had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. During the same quarter last year, the firm posted $2.30 earnings per share. On average, sell-side analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a $0.66 dividend. The ex-dividend date was Friday, August 7th. This represents a $2.64 annualized dividend and a dividend 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%.

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.