Legal & General Group Plc Sells 11,639 Shares of SouthState Bank Corporation $SSB

Legal & General Group Plc trimmed its position in SouthState Bank Corporation (NYSE:SSB) by 7.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 148,006 shares of the company’s stock after selling 11,639 shares during the quarter. Legal & General Group Plc owned about 0.15% of SouthState Bank worth $13,929,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Measured Wealth Private Client Group LLC bought a new stake in SouthState Bank during the third quarter valued at about $51,000. State of Wyoming grew its position in shares of SouthState Bank by 356.0% in the third quarter. State of Wyoming now owns 570 shares of the company’s stock valued at $56,000 after purchasing an additional 445 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in SouthState Bank in the 3rd quarter worth approximately $57,000. Danske Bank A S bought a new position in SouthState Bank during the third quarter worth $59,000. Finally, Torren Management LLC acquired a new position in shares of SouthState Bank during the fourth quarter valued at about $69,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Up 1.8%

Shares of SouthState Bank stock opened at $94.19 on Wednesday. The business has a fifty day simple moving average of $95.02 and a 200 day simple moving average of $95.96. The stock has a market cap of $9.20 billion, a PE ratio of 10.16 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to analysts’ expectations of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter last year, the business earned $0.87 earnings per share. Research analysts predict that SouthState Bank Corporation will post 9.49 EPS for the current year.

SouthState Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio is presently 25.89%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SSB. Weiss Ratings cut SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Barclays reduced their price objective on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research note on Monday, April 27th. Hovde Group raised their target price on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. TD Cowen cut their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a report on Monday, April 27th. Finally, Truist Financial decreased their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, SouthState Bank currently has a consensus rating of “Buy” and a consensus price target of $118.62.

Insiders Place Their Bets

In other news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares of the company’s stock, valued at $1,249,553. This trade 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. Company insiders own 1.70% of the company’s stock.

About SouthState Bank

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.