VIRGINIA RETIREMENT SYSTEMS ET Al Invests $1.86 Million in SouthState Bank Corporation $SSB

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 20,200 shares of the company’s stock, valued at approximately $1,859,000.

Other large investors have also bought and sold shares of the company. Rise Advisors LLC bought a new stake in SouthState Bank during the 1st quarter worth approximately $33,000. Flaharty Asset Management LLC bought a new stake in SouthState Bank during the 1st quarter worth approximately $45,000. TFC Financial Management Inc. grew its position in SouthState Bank by 49,800.0% during the 2nd quarter. TFC Financial Management Inc. now owns 499 shares of the company’s stock worth $46,000 after acquiring an additional 498 shares during the last quarter. Summit Securities Group LLC grew its position in SouthState Bank by 81.5% during the 1st quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock worth $64,000 after acquiring an additional 309 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its position in SouthState Bank by 1,103.4% during the 1st quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock worth $64,000 after acquiring an additional 640 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Stock Performance

NYSE:SSB opened at $94.59 on Wednesday. The stock’s fifty day moving average price is $99.27. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.93 and a current ratio of 0.94. The firm has a market cap of $9.57 billion, a P/E ratio of 14.10 and a beta of 0.68. SouthState Bank Corporation has a 52-week low of $77.74 and a 52-week high of $114.26.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, July 24th. The company reported $2.30 earnings per share for the quarter, beating analysts’ consensus estimates of $2.00 by $0.30. The company had revenue of $664.77 million for the quarter, compared to the consensus estimate of $639.47 million. SouthState Bank had a return on equity of 10.23% and a net margin of 19.27%.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were paid a $0.60 dividend. This is an increase from SouthState Bank’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend was Friday, August 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank’s dividend payout ratio (DPR) is currently 35.77%.

Insider Activity

In related news, Director G Stacy Smith purchased 2,500 shares of the business’s stock in a transaction dated Friday, August 1st. The shares were bought at an average price of $92.30 per share, with a total value of $230,750.00. Following the purchase, the director directly owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Janet P. Froetscher purchased 3,338 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was bought at an average cost of $97.31 per share, for a total transaction of $324,820.78. Following the purchase, the director owned 8,294 shares in the company, valued at $807,089.14. This trade represents a 67.35% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 8,338 shares of company stock valued at $786,321 in the last 90 days. 1.70% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on SSB shares. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, July 27th. Barclays upped their price objective on SouthState Bank from $117.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. National Bankshares set a $127.00 price objective on SouthState Bank in a report on Wednesday, September 24th. TD Cowen initiated coverage on SouthState Bank in a report on Thursday, September 25th. They set a “buy” rating and a $127.00 price objective on the stock. Finally, Citigroup reaffirmed a “buy” rating and set a $117.00 price objective (up previously from $113.00) on shares of SouthState Bank in a report on Monday, July 28th. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $117.08.

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.