Bessemer Group Inc. Boosts Stock Holdings in SouthState Bank Corporation $SSB

Bessemer Group Inc. lifted its stake in shares of SouthState Bank Corporation (NYSE:SSB) by 4.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 276,002 shares of the company’s stock after acquiring an additional 11,033 shares during the quarter. Bessemer Group Inc.’s holdings in SouthState Bank were worth $25,400,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Rise Advisors LLC purchased a new stake in shares of SouthState Bank during the first quarter worth $33,000. Flaharty Asset Management LLC purchased a new stake in shares of SouthState Bank during the first quarter worth $45,000. TFC Financial Management Inc. increased its holdings in SouthState Bank by 49,800.0% in the second quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock valued at $46,000 after buying an additional 498 shares during the last quarter. Summit Securities Group LLC increased its holdings in SouthState Bank by 81.5% in the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock valued at $64,000 after buying an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC increased its holdings in SouthState Bank by 1,103.4% in the first quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $64,000 after buying an additional 640 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Activity

In other SouthState Bank news, Director G Stacy Smith bought 2,500 shares of the firm’s stock in a transaction dated Friday, August 1st. The stock was acquired at an average price of $92.30 per share, for a total transaction of $230,750.00. Following the completion of the purchase, the director owned 39,546 shares of the company’s stock, valued at approximately $3,650,095.80. This represents a 6.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Daniel E. Bockhorst sold 5,000 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the sale, the insider owned 31,785 shares of the company’s stock, valued at $3,165,786. This trade represents a 13.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts recently commented on SSB shares. Barclays increased their target price on SouthState Bank from $117.00 to $120.00 and gave the company an “overweight” rating in a report on Monday, July 28th. TD Cowen dropped their target price on SouthState Bank from $127.00 to $120.00 and set a “buy” rating on the stock in a report on Monday. DA Davidson dropped their target price on SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of SouthState Bank in a report on Wednesday, October 8th. Finally, National Bankshares set a $127.00 target price on SouthState Bank in a report on Wednesday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $115.85.

SouthState Bank Price Performance

NYSE SSB opened at $89.63 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.08. SouthState Bank Corporation has a 1 year low of $77.74 and a 1 year high of $114.26. The firm has a market capitalization of $9.07 billion, a P/E ratio of 12.33 and a beta of 0.68. The company has a fifty day moving average of $98.70.

SouthState Bank (NYSE:SSB) last released its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.38. SouthState Bank had a net margin of 20.25% and a return on equity of 10.70%. The company had revenue of $698.78 million during the quarter, compared to the consensus estimate of $660.41 million. During the same quarter in the prior year, the firm posted $1.90 earnings per share.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, November 7th will be paid a dividend of $0.60 per share. The ex-dividend date is Friday, November 7th. This represents a $2.40 annualized dividend and a dividend yield of 2.7%. SouthState Bank’s dividend payout ratio is 33.01%.

SouthState Bank Company Profile

SouthState Corporation operates as the bank holding company for SouthState Bank, National Association that provides a range of banking services and products to individuals and companies. It accepts checking accounts, savings deposits, interest-bearing transaction accounts, certificates of deposits, money market accounts, and other time deposits.