PNC Financial Services Group Inc. Cuts Stake in SouthState Bank Corporation $SSB

PNC Financial Services Group Inc. lessened its position in SouthState Bank Corporation (NYSE:SSB) by 62.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,419 shares of the company’s stock after selling 12,105 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SouthState Bank were worth $698,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Measured Wealth Private Client Group LLC purchased a new position in SouthState Bank in the 3rd quarter worth approximately $51,000. State of Wyoming raised its holdings in SouthState Bank by 356.0% in the 3rd quarter. State of Wyoming now owns 570 shares of the company’s stock valued at $56,000 after buying an additional 445 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of SouthState Bank during the 3rd quarter worth approximately $57,000. Danske Bank A S purchased a new stake in shares of SouthState Bank in the 3rd quarter valued at $59,000. Finally, Torren Management LLC purchased a new position in shares of SouthState Bank in the fourth quarter valued at approximately $69,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on SSB. JPMorgan Chase & Co. upped their price objective on SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a research report on Thursday, May 21st. DA Davidson boosted their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the company a “buy” rating in a research report on Thursday, February 5th. TD Cowen dropped their price target on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Weiss Ratings lowered SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Finally, Truist Financial lowered their target price 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 investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $118.62.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their position. The transaction 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 0.1%

SSB opened at $94.61 on Friday. The business’s fifty day moving average is $94.96 and its two-hundred day moving average is $95.88. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The company has a market cap of $9.24 billion, a price-to-earnings ratio of 10.21 and a beta of 0.72. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $108.46.

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

SouthState Bank Dividend Announcement

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

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.