SouthState Bank Corporation $SSB Stake Lifted by Teacher Retirement System of Texas

Teacher Retirement System of Texas increased its stake in SouthState Bank Corporation (NYSE:SSB) by 10.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,299 shares of the company’s stock after acquiring an additional 2,193 shares during the period. Teacher Retirement System of Texas’ holdings in SouthState Bank were worth $2,052,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in shares of SouthState Bank by 12.4% in the second quarter. Blue Trust Inc. now owns 991 shares of the company’s stock valued at $91,000 after acquiring an additional 109 shares in the last quarter. IFP Advisors Inc grew its holdings in SouthState Bank by 14.2% during the first quarter. IFP Advisors Inc now owns 943 shares of the company’s stock worth $87,000 after acquiring an additional 117 shares during the period. Nisa Investment Advisors LLC grew its holdings in SouthState Bank by 5.2% during the first quarter. Nisa Investment Advisors LLC now owns 2,368 shares of the company’s stock worth $220,000 after acquiring an additional 118 shares during the period. Nicholson Wealth Management Group LLC grew its holdings in SouthState Bank by 1.8% during the second quarter. Nicholson Wealth Management Group LLC now owns 7,201 shares of the company’s stock worth $663,000 after acquiring an additional 125 shares during the period. Finally, Fifth Third Bancorp grew its holdings in SouthState Bank by 14.0% during the second quarter. Fifth Third Bancorp now owns 1,090 shares of the company’s stock worth $100,000 after acquiring an additional 134 shares during the period. 89.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other SouthState Bank news, insider Daniel E. Bockhorst sold 5,000 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 31,785 shares in the company, valued at approximately $3,165,786. This trade represents a 13.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

SSB has been the topic of a number of research analyst reports. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, July 27th. DA Davidson lowered their target price on SouthState Bank from $117.00 to $112.00 and set a “buy” rating on the stock in a report on Friday, October 24th. Piper Sandler lowered their target price on SouthState Bank from $121.00 to $118.00 and set an “overweight” rating on the stock in a report on Monday, October 27th. 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. Finally, Zacks Research lowered SouthState Bank from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, SouthState Bank currently has an average rating of “Buy” and a consensus price target of $115.85.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $88.86 on Tuesday. 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 $8.99 billion, a P/E ratio of 12.22 and a beta of 0.68. SouthState Bank Corporation has a 52 week low of $77.74 and a 52 week high of $114.26. The company has a 50 day moving average price of $97.92.

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

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, November 7th will be given 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 dividend payout ratio (DPR) is presently 33.01%.

SouthState Bank 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.