Swiss Life Asset Management Ltd Has $605,000 Stock Position in SouthState Bank Corporation $SSB

Swiss Life Asset Management Ltd reduced its position in shares of SouthState Bank Corporation (NYSE:SSB) by 48.8% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,053 shares of the company’s stock after selling 5,773 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in SouthState Bank were worth $605,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in SSB. Jane Street Group LLC boosted its stake in shares of SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after purchasing an additional 3,678 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of SouthState Bank during the 2nd quarter worth approximately $245,000. Arrowstreet Capital Limited Partnership raised its stake in shares of SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock worth $5,825,000 after buying an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of SouthState Bank by 31.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock worth $176,000 after buying an additional 452 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of SouthState Bank during the second quarter worth approximately $919,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $110.98 on Friday. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of 11.67 and a beta of 0.71. The firm’s 50 day simple moving average is $101.87 and its 200 day simple moving average is $98.73. 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 fifty-two week low of $84.47 and a fifty-two week high of $111.74.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.04. The firm 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 earnings per share. As a group, sell-side analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be given a dividend of $0.66 per share. This is a positive change 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 2.4%. The ex-dividend date of this dividend is Friday, August 7th. SouthState Bank’s payout ratio is 27.76%.

Analyst Ratings Changes

A number of brokerages have issued reports on SSB. Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Citigroup upped their target price on shares of SouthState Bank from $115.00 to $126.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Barclays cut their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 7th. Hovde Group raised their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Finally, UBS Group cut 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 equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.64.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the business’s 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 transaction, the director owned 7,900 shares of the company’s stock, valued at $869,000. The trade was a 75.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.