Strs Ohio Boosts Stock Holdings in SouthState Bank Corporation $SSB

Strs Ohio lifted its holdings in SouthState Bank Corporation (NYSE:SSB) by 124.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 168,902 shares of the company’s stock after purchasing an additional 93,744 shares during the period. Strs Ohio’s holdings in SouthState Bank were worth $15,627,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Root Financial Partners LLC increased its holdings in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after buying an additional 210 shares during the period. Measured Wealth Private Client Group LLC bought a new stake in SouthState Bank during the 3rd quarter valued at $51,000. GHP Investment Advisors Inc. bought a new stake in SouthState Bank during the 1st quarter valued at $52,000. Danske Bank A S purchased a new position in shares of SouthState Bank in the 3rd quarter valued at $59,000. Finally, Harbour Investments Inc. purchased a new position in shares of SouthState Bank in the 4th quarter valued at $68,000. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Trading Down 0.1%

Shares of NYSE:SSB opened at $100.03 on Friday. The business’s 50-day moving average is $96.32 and its 200 day moving average is $97.19. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $108.46. The firm has a market capitalization of $9.77 billion, a P/E ratio of 10.79 and a beta of 0.70. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The business had revenue of $661.70 million during the quarter, compared to the consensus estimate of $669.28 million. During the same quarter last year, the company earned $0.87 earnings per share. On average, research analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s payout ratio is currently 25.89%.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director owned 12,700 shares in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SSB. Barclays dropped their price objective on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. JPMorgan Chase & Co. increased their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Weiss Ratings downgraded shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Finally, Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a research report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $118.71.

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.