Oliver Luxxe Assets LLC Sells 11,761 Shares of SouthState Bank Corporation $SSB

Oliver Luxxe Assets LLC cut its holdings in SouthState Bank Corporation (NYSE:SSB) by 33.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 23,836 shares of the company’s stock after selling 11,761 shares during the quarter. Oliver Luxxe Assets LLC’s holdings in SouthState Bank were worth $2,381,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. FNY Investment Advisers LLC bought a new stake in SouthState Bank in the second quarter worth $50,000. GAMMA Investing LLC lifted its position in SouthState Bank by 19.2% during the second quarter. GAMMA Investing LLC now owns 2,516 shares of the company’s stock valued at $251,000 after purchasing an additional 405 shares during the last quarter. Versant Capital Management Inc grew its stake in shares of SouthState Bank by 56.3% in the 2nd quarter. Versant Capital Management Inc now owns 1,535 shares of the company’s stock worth $153,000 after buying an additional 553 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of SouthState Bank by 421.6% in the 1st quarter. Parallel Advisors LLC now owns 772 shares of the company’s stock worth $71,000 after buying an additional 624 shares in the last quarter. Finally, Carlson Capital L.P. increased its holdings in shares of SouthState Bank by 86.6% in the 1st quarter. Carlson Capital L.P. now owns 18,098 shares of the company’s stock worth $1,674,000 after buying an additional 8,398 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the transaction, the director directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.70% of the company’s stock.

SouthState Bank Stock Down 0.3%

NYSE:SSB opened at $108.21 on Friday. The company has a market cap of $10.49 billion, a price-to-earnings ratio of 11.38 and a beta of 0.71. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $110.46. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The stock has a fifty day simple moving average of $100.55 and a 200-day simple moving average of $98.43.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analysts’ expectations of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same period in the prior year, the business posted $2.30 earnings per share. Analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be paid a $0.66 dividend. The ex-dividend date is Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.4%. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is currently 25.24%.

Wall Street Analysts Forecast Growth

SSB has been the topic of several recent research reports. TD Cowen upped their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Fundamental Research set a $120.00 price target on SouthState Bank in a research report on Wednesday, July 1st. JPMorgan Chase & Co. boosted their price objective on SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 1st. DA Davidson restated a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. Finally, Hovde Group lifted their target price on SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $119.64.

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.