VIRGINIA RETIREMENT SYSTEMS ET Al Takes Position in SouthState Bank Corporation $SSB

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 34,500 shares of the company’s stock, valued at approximately $3,447,000.

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on SSB shares. Barclays cut their price objective on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. DA Davidson reiterated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. TD Cowen boosted their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Stephens reaffirmed an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. Finally, Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. One investment 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. Based on data from MarketBeat.com, SouthState Bank currently has a consensus rating of “Buy” and an average target price of $119.64.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $105.45 on Thursday. The business has a fifty day moving average of $105.34 and a 200-day moving average of $99.16. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20. The firm has a market cap of $10.23 billion, a PE ratio of 11.09 and a beta of 0.72.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The business had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the prior year, the company earned $2.30 EPS. On average, equities research analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

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

Insider Activity at SouthState Bank

In other SouthState Bank news, CFO William E. V. Matthews sold 4,000 shares of the company’s 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 transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David Brooks sold 24,650 shares of SouthState Bank stock in a transaction 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 directly owned 7,900 shares of the company’s stock, valued at $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 34,831 shares of company stock valued at $3,814,274 in the last 90 days. 1.70% of the stock is currently owned by corporate insiders.

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.