Blair William & Co. IL Takes $252,000 Position in SouthState Bank Corporation $SSB

Blair William & Co. IL bought a new stake in SouthState Bank Corporation (NYSE:SSB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,742 shares of the company’s stock, valued at approximately $252,000.

A number of other institutional investors also recently modified their holdings of the company. Rise Advisors LLC acquired a new stake in shares of SouthState Bank in the first quarter valued at approximately $33,000. Flaharty Asset Management LLC acquired a new stake in shares of SouthState Bank in the first quarter valued at approximately $45,000. Summit Securities Group LLC increased its holdings in shares of SouthState Bank by 81.5% in the first quarter. Summit Securities Group LLC now owns 688 shares of the company’s stock valued at $64,000 after purchasing an additional 309 shares in the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of SouthState Bank by 1,103.4% in the first quarter. Smartleaf Asset Management LLC now owns 698 shares of the company’s stock valued at $64,000 after purchasing an additional 640 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of SouthState Bank in the first quarter valued at approximately $67,000. Institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. National Bankshares set a $127.00 price target on shares of SouthState Bank in a report on Wednesday, September 24th. 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 price target for the company. Citigroup reissued a “buy” rating and issued a $117.00 price target (up previously from $113.00) on shares of SouthState Bank in a report on Monday, July 28th. DA Davidson raised their price target 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. Finally, Hovde Group lifted their target price on shares of SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a report on Friday, July 25th. Three research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $117.08.

Insider Activity

In other news, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $99.60, for a total value of $498,000.00. Following the completion of the transaction, the insider owned 31,785 shares of the company’s stock, valued at $3,165,786. The trade was a 13.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Janet P. Froetscher purchased 3,338 shares of the firm’s stock in a transaction dated Wednesday, July 30th. The stock was purchased at an average cost of $97.31 per share, with a total value of $324,820.78. Following the acquisition, the director directly 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 bought 8,338 shares of company stock valued at $786,321 in the last quarter. Company insiders own 1.70% of the company’s stock.

SouthState Bank Stock Performance

SSB opened at $92.56 on Friday. The stock’s fifty day simple moving average is $99.24. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $114.26. The firm has a market cap of $9.37 billion, a price-to-earnings ratio of 13.79 and a beta of 0.68.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results 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 analyst estimates of $639.47 million.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Friday, August 8th were issued a $0.60 dividend. This is a positive change 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 annualized dividend and a dividend yield of 2.6%. SouthState Bank’s dividend payout ratio (DPR) is presently 35.77%.

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.