Bank of New York Mellon Corp Has $133.50 Million Stock Position in SouthState Bank Corporation $SSB

Bank of New York Mellon Corp increased its position in shares of SouthState Bank Corporation (NYSE:SSB) by 26.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,442,939 shares of the company’s stock after buying an additional 298,821 shares during the period. Bank of New York Mellon Corp owned 1.47% of SouthState Bank worth $133,501,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Nicholas Hoffman & Company LLC. raised its holdings in SouthState Bank by 0.7% in the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after acquiring an additional 111 shares during the period. HB Wealth Management LLC grew its position in shares of SouthState Bank by 0.7% in the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after purchasing an additional 129 shares during the last quarter. MML Investors Services LLC increased its stake in shares of SouthState Bank by 5.9% in the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock worth $222,000 after purchasing an additional 131 shares during the period. FourThought Financial Partners LLC increased its stake in shares of SouthState Bank by 5.8% in the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after purchasing an additional 139 shares during the period. Finally, Inspire Investing LLC lifted its position in shares of SouthState Bank by 5.0% during the 1st quarter. Inspire Investing LLC now owns 3,641 shares of the company’s stock worth $337,000 after purchasing an additional 172 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SSB. Citigroup decreased their target price on SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, June 25th. JPMorgan Chase & Co. lifted their price target on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. DA Davidson reiterated a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Hovde Group raised their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $117.50.

SouthState Bank Stock Down 0.1%

NYSE SSB opened at $103.06 on Monday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The firm has a 50-day simple moving average of $97.00 and a 200 day simple moving average of $97.48. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $108.46. The stock has a market cap of $10.07 billion, a PE ratio of 11.12 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $669.28 million. During the same period last year, the business earned $0.87 earnings per share. On average, research analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were issued a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

Insider Activity

In related news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

SouthState Bank Company Profile

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.