Sciencast Management LP Sells 7,187 Shares of SouthState Bank Corporation $SSB

Sciencast Management LP reduced its stake in SouthState Bank Corporation (NYSE:SSB) by 17.6% during the second quarter, HoldingsChannel reports. The firm owned 33,580 shares of the company’s stock after selling 7,187 shares during the quarter. Sciencast Management LP’s holdings in SouthState Bank were worth $3,355,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in SSB. Krilogy Financial LLC bought a new stake in shares of SouthState Bank during the 2nd quarter valued at approximately $267,000. Polaris Capital Management LLC bought a new position in SouthState Bank in the 2nd quarter valued at approximately $2,913,000. E. Ohman J or Asset Management AB acquired a new stake in SouthState Bank in the second quarter valued at approximately $3,159,000. FNY Investment Advisers LLC acquired a new stake in SouthState Bank in the second quarter valued at approximately $50,000. Finally, GAMMA Investing LLC boosted its position in SouthState Bank by 19.2% in the second quarter. GAMMA Investing LLC now owns 2,516 shares of the company’s stock valued at $251,000 after buying an additional 405 shares in the last quarter. 89.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SSB. Weiss Ratings upgraded shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. Stephens reissued an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a report on Monday, July 27th. 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. Piper Sandler boosted their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Finally, UBS Group cut SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 target price for the company. in a report on Tuesday, July 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, SouthState Bank has an average rating of “Moderate Buy” and an average target price of $119.64.

SouthState Bank Price Performance

SouthState Bank stock opened at $110.98 on Friday. The stock’s 50 day moving average is $101.87 and its 200 day moving average is $98.73. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $111.74. The firm has a market cap of $10.76 billion, a P/E ratio of 11.67 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93.

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

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 2.4%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date is Friday, August 7th. SouthState Bank’s dividend payout ratio is currently 27.76%.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 24,650 shares of the business’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director owned 7,900 shares in the company, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is owned by corporate insiders.

SouthState Bank 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.