Maryland State Retirement & Pension System Purchases New Holdings in SouthState Bank Corporation $SSB

Maryland State Retirement & Pension System bought a new position in SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm bought 4,874 shares of the company’s stock, valued at approximately $449,000.

Other institutional investors have also bought and sold shares of the company. Louisiana State Employees Retirement System increased its holdings in shares of SouthState Bank by 0.7% during the 2nd quarter. Louisiana State Employees Retirement System now owns 27,700 shares of the company’s stock worth $2,549,000 after buying an additional 200 shares during the last quarter. DMC Group LLC acquired a new stake in shares of SouthState Bank during the 2nd quarter worth approximately $315,000. KLP Kapitalforvaltning AS increased its holdings in shares of SouthState Bank by 7.7% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 21,015 shares of the company’s stock worth $1,934,000 after buying an additional 1,500 shares during the last quarter. Hunter Perkins Capital Management LLC increased its holdings in shares of SouthState Bank by 10.7% during the 2nd quarter. Hunter Perkins Capital Management LLC now owns 35,367 shares of the company’s stock worth $3,255,000 after buying an additional 3,407 shares during the last quarter. Finally, 111 Capital acquired a new stake in shares of SouthState Bank during the 2nd quarter worth approximately $903,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

SSB has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. TD Cowen assumed coverage on shares of SouthState Bank in a report on Thursday, September 25th. They issued a “buy” rating and a $127.00 target price for the company. National Bankshares set a $127.00 target price on shares of SouthState Bank in a report on Wednesday, September 24th. Hovde Group lifted their target price on shares of SouthState Bank from $97.00 to $105.00 and gave the company a “market perform” rating in a report on Friday, July 25th. Finally, DA Davidson lifted their target price on shares of SouthState Bank from $115.00 to $117.00 and gave the company a “buy” rating in a report on Monday, July 28th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $117.08.

Insider Activity

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $99.60, for a total transaction of $498,000.00. Following the transaction, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. This represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Janet P. Froetscher bought 3,338 shares of the stock in a transaction on Wednesday, July 30th. The shares were bought at an average price of $97.31 per share, for a total transaction of $324,820.78. Following the completion of the transaction, the director directly owned 8,294 shares of the company’s stock, valued at $807,089.14. This trade represents a 67.35% increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 8,338 shares of company stock valued at $786,321. Insiders own 1.70% of the company’s stock.

SouthState Bank Trading Up 2.5%

SouthState Bank stock opened at $96.24 on Tuesday. The stock has a market cap of $9.74 billion, a PE ratio of 14.34 and a beta of 0.68. The stock’s fifty day moving average price is $99.07. SouthState Bank Corporation has a 12-month low of $77.74 and a 12-month high of $114.26. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.04.

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

SouthState Bank Increases Dividend

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

About SouthState Bank

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.