Ethic Inc. Grows Position in SouthState Bank Corporation $SSB

Ethic Inc. raised its position in shares of SouthState Bank Corporation (NYSE:SSB) by 49.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,878 shares of the company’s stock after buying an additional 1,617 shares during the quarter. Ethic Inc.’s holdings in SouthState Bank were worth $444,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in SouthState Bank by 12.4% during the 2nd quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after buying an additional 109 shares in the last quarter. IFP Advisors Inc grew its holdings in SouthState Bank by 14.2% during the 1st quarter. IFP Advisors Inc now owns 943 shares of the company’s stock valued at $87,000 after buying an additional 117 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in SouthState Bank by 5.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the company’s stock valued at $220,000 after buying an additional 118 shares in the last quarter. Nicholson Wealth Management Group LLC grew its holdings in SouthState Bank by 1.8% during the 2nd quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock valued at $663,000 after buying an additional 125 shares in the last quarter. Finally, Fifth Third Bancorp grew its holdings in SouthState Bank by 14.0% during the 2nd quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock valued at $100,000 after buying an additional 134 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In related news, insider Daniel E. Bockhorst sold 5,000 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $99.60, for a total transaction of $498,000.00. Following the completion of the transaction, the insider owned 31,785 shares in the company, valued at $3,165,786. The trade was a 13.59% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director G Stacy Smith acquired 2,500 shares of the company’s stock in a transaction that occurred on Friday, August 1st. The shares were acquired at an average price of $92.30 per share, with a total value of $230,750.00. Following the acquisition, the director owned 39,546 shares in the company, valued at $3,650,095.80. This trade represents a 6.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 1.70% of the stock is owned by insiders.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $89.63 on Wednesday. The business has a 50 day moving average of $98.70. SouthState Bank Corporation has a one year low of $77.74 and a one year high of $114.26. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.08. The stock has a market cap of $9.07 billion, a PE ratio of 12.33 and a beta of 0.68.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data on Wednesday, October 22nd. The company reported $2.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.20 by $0.38. SouthState Bank had a return on equity of 10.70% and a net margin of 20.25%.The company had revenue of $698.78 million during the quarter, compared to analysts’ expectations of $660.41 million. During the same quarter in the previous year, the business earned $1.90 EPS.

SouthState Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, November 7th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, November 7th. This represents a $2.40 dividend on an annualized basis and a yield of 2.7%. SouthState Bank’s payout ratio is presently 33.01%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SSB. Cowen began coverage on SouthState Bank in a report on Wednesday, September 24th. They set a “buy” rating for the company. Barclays lifted their target price on SouthState Bank from $117.00 to $120.00 and gave the stock an “overweight” rating in a report on Monday, July 28th. Hovde Group lifted their target price on SouthState Bank from $97.00 to $105.00 and gave the stock a “market perform” rating in a report on Friday, July 25th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. Finally, Citigroup dropped their target price on SouthState Bank from $117.00 to $116.00 and set a “buy” rating for the company in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $115.85.

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.