CFO4Life Group LLC Takes Position in SouthState Bank Corporation $SSB

CFO4Life Group LLC purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 5,544 shares of the company’s stock, valued at approximately $554,000.

Other institutional investors have also recently made changes to their positions in the company. Quantbot Technologies LP acquired a new position in SouthState Bank in the second quarter valued at approximately $6,590,000. Evolve Private Wealth LLC purchased a new position in SouthState Bank in the second quarter worth approximately $246,000. Martin & Co. Inc. TN acquired a new stake in SouthState Bank during the second quarter worth $3,953,000. De Lisle Partners LLP acquired a new stake in SouthState Bank during the second quarter worth $260,000. Finally, Emerald Investment Advisers LLC purchased a new stake in SouthState Bank in the second quarter valued at $437,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insider Buying and Selling at SouthState Bank

In related news, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the transaction, the chief financial officer directly owned 40,568 shares of the company’s stock, valued at $4,419,072.24. The trade was a 8.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 34,831 shares of company stock worth $3,814,274. Insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SSB. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Barclays reduced their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. Fundamental Research set a $120.00 target price on shares of SouthState Bank in a research note on Wednesday, July 1st. Piper Sandler boosted their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Finally, Citigroup increased their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $119.64.

SouthState Bank Trading Up 1.0%

Shares of SSB stock opened at $106.86 on Friday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $112.20. The company has a 50 day moving average price of $103.35 and a 200 day moving average price of $99.05. The stock has a market capitalization of $10.36 billion, a P/E ratio of 11.24 and a beta of 0.71. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping 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 company had revenue of $672.67 million for the quarter, compared to analyst estimates of $676.83 million. During the same period in the prior year, the business earned $2.30 EPS. Equities research analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were given a dividend of $0.66 per share. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank’s dividend payout ratio is currently 27.76%.

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.