Insider Selling: SouthState Bank (NYSE:SSB) CFO Sells $435,720.00 in Stock

SouthState Bank Corporation (NYSE:SSB) CFO William Matthews sold 4,000 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares of the company’s stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

SouthState Bank Stock Up 1.0%

NYSE SSB opened at $106.86 on Friday. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $112.20. The stock has a market capitalization of $10.36 billion, a PE ratio of 11.24 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. The business’s 50-day moving average is $103.35 and its 200 day moving average is $99.05.

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

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a $0.66 dividend. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank’s payout ratio is 27.76%.

Institutional Trading of SouthState Bank

A number of hedge funds have recently modified their holdings of SSB. Nicholas Hoffman & Company LLC. lifted its position in SouthState Bank by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock valued at $1,555,000 after acquiring an additional 111 shares during the period. Cetera Investment Advisers grew its holdings in SouthState Bank by 0.6% in the first quarter. Cetera Investment Advisers now owns 18,959 shares of the company’s stock worth $1,754,000 after purchasing an additional 116 shares during the period. HB Wealth Management LLC grew its holdings in SouthState Bank by 0.7% in the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock worth $1,670,000 after purchasing an additional 129 shares during the period. MML Investors Services LLC increased its stake in shares of SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after purchasing an additional 131 shares in the last quarter. Finally, FourThought Financial Partners LLC increased its stake in shares of SouthState Bank by 5.8% during the fourth quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock valued at $239,000 after purchasing an additional 139 shares in the last quarter. Institutional investors own 89.76% of the company’s stock.

Wall Street Analysts Forecast Growth

SSB has been the subject of several research reports. Stephens restated an “overweight” rating and issued a $116.00 price objective on shares of SouthState Bank in a report on Monday, July 27th. Truist Financial lifted their target price on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. 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 report on Monday, July 27th. Citigroup increased their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. 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 report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price 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.