iSAM Funds UK Ltd Sells 7,618 Shares of SouthState Bank Corporation $SSB

iSAM Funds UK Ltd lessened its position in SouthState Bank Corporation (NYSE:SSB) by 44.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 9,700 shares of the company’s stock after selling 7,618 shares during the period. iSAM Funds UK Ltd’s holdings in SouthState Bank were worth $969,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. FJ Capital Management LLC increased its stake in SouthState Bank by 54.0% during the 4th 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 in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of SouthState Bank in the first quarter valued at $4,898,000. Geode Capital Management LLC lifted its stake in shares of SouthState Bank by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock valued at $175,653,000 after buying an additional 85,981 shares in the last quarter. NFJ Investment Group LLC acquired a new position in shares of SouthState Bank during the fourth quarter valued at about $30,930,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in shares of SouthState Bank by 350.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock valued at $2,100,000 after buying an additional 17,365 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, July 14th. Barclays cut their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. JPMorgan Chase & Co. boosted 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. Stephens reissued an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a report on Monday, July 27th. Finally, UBS Group downgraded SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective for the company. in a research note on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $119.64.

Insider Buying and Selling

In related news, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares in the company, 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 legal filing with the SEC, which can be accessed through this link. Also, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares in the company, valued at approximately $869,000. This represents a 75.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,831 shares of company stock worth $3,814,274 in the last 90 days. Company insiders own 1.70% of the company’s stock.

SouthState Bank Stock Performance

NYSE SSB opened at $106.37 on Thursday. The company has a fifty day moving average price of $104.70 and a 200-day moving average price of $99.05. The firm has a market cap of $10.31 billion, a price-to-earnings ratio of 11.19 and a beta of 0.72. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $112.20.

SouthState Bank (NYSE:SSB) last released its quarterly 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 business had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. During the same period in the previous year, the company earned $2.30 earnings per share. As a group, equities research analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio (DPR) is presently 27.76%.

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.