Wellington Management Group LLP Buys 202,931 Shares of SouthState Bank Corporation $SSB

Wellington Management Group LLP increased its stake in SouthState Bank Corporation (NYSE:SSB) by 15.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,520,652 shares of the company’s stock after acquiring an additional 202,931 shares during the quarter. Wellington Management Group LLP’s holdings in SouthState Bank were worth $151,913,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in shares of SouthState Bank during the second quarter valued at $981,557,000. Norges Bank bought a new position in SouthState Bank during the 4th quarter worth about $125,940,000. Bank of New York Mellon Corp bought a new position in SouthState Bank during the 2nd quarter worth about $130,419,000. AQR Capital Management LLC increased its position in SouthState Bank by 269.4% during the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock valued at $120,530,000 after purchasing an additional 889,042 shares during the period. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of SouthState Bank in the 2nd quarter valued at about $85,467,000. Institutional investors own 89.76% of the company’s stock.

Insider Activity

In other news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following 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. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 34,831 shares of company stock worth $3,814,274. Corporate insiders own 1.70% of the company’s stock.

SouthState Bank Stock Performance

Shares of SSB stock opened at $104.87 on Tuesday. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The business’s fifty day simple moving average is $104.46 and its 200-day simple moving average is $99.02. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a market cap of $10.17 billion, a PE ratio of 11.03 and a beta of 0.71.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The firm had revenue of $672.67 million during the quarter, compared to analysts’ expectations of $676.83 million. During the same quarter last year, the firm earned $2.30 EPS. Analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were paid a dividend of $0.66 per share. The ex-dividend date was Friday, August 7th. 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 2.5%. SouthState Bank’s payout ratio is presently 27.76%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SSB. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a research report on Wednesday, July 1st. Stephens reissued an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a report on Monday, July 27th. Wall Street Zen lowered SouthState Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. UBS Group cut SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price on the stock. in a research report on Tuesday, July 7th. Finally, DA Davidson reiterated a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $119.64.

About SouthState Bank

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.