Corient Private Wealth LP Acquires Shares of 16,901 SouthState Bank Corporation $SSB

Corient Private Wealth LP acquired a new stake in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 16,901 shares of the company’s stock, valued at approximately $1,688,000.

Other hedge funds have also modified their holdings of the company. Bank of America Corp DE bought a new position in shares of SouthState Bank during the 2nd quarter worth approximately $59,792,000. Basswood Capital Management L.L.C. acquired a new position in SouthState Bank during the second quarter worth $28,075,000. Freestone Grove Partners LP acquired a new position in SouthState Bank during the second quarter worth $3,069,000. Man Group plc bought a new position in shares of SouthState Bank during the second quarter valued at $2,069,000. Finally, Jupiter Topco LLC bought a new position in shares of SouthState Bank during the second quarter valued at $4,454,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CFO William Matthews sold 4,000 shares of the stock in a transaction on 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 owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David R. Brooks sold 24,650 shares of the firm’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 owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 34,831 shares of company stock worth $3,814,274. Insiders own 1.70% of the company’s stock.

SouthState Bank Stock Performance

SouthState Bank stock opened at $107.18 on Friday. 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 1 year low of $84.47 and a 1 year high of $112.20. The company has a market cap of $10.39 billion, a PE ratio of 11.27 and a beta of 0.72. The company’s 50-day moving average is $104.83 and its two-hundred day moving average is $99.07.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $672.67 million during the quarter, compared to analysts’ expectations 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 previous year, the company earned $2.30 EPS. Equities analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a $0.66 dividend. The ex-dividend date of this dividend was Friday, August 7th. This is a boost 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%. SouthState Bank’s payout ratio is 27.76%.

Analysts Set New Price Targets

SSB has been the topic of several recent analyst reports. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research note on Wednesday, July 1st. JPMorgan Chase & Co. increased their target price on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. Barclays cut their price target on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. Wall Street Zen lowered shares of SouthState Bank from a “hold” rating to a “sell” rating in a research report on Saturday, July 25th. Finally, UBS Group cut shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price objective on the stock. 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 company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $119.64.

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.