Foundations Investment Advisors LLC Acquires New Shares in SouthState Bank Corporation $SSB

Foundations Investment Advisors LLC bought a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 7,522 shares of the company’s stock, valued at approximately $708,000.

Other large investors have also made changes to their positions in the company. Texas Capital Bank Wealth Management Services Inc bought a new stake in SouthState Bank in the fourth quarter valued at about $590,000. Geode Capital Management LLC increased its stake in SouthState Bank by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock valued at $175,653,000 after acquiring an additional 85,981 shares during the period. Cary Street Partners Financial LLC bought a new stake in SouthState Bank in the fourth quarter valued at about $285,000. Harbour Investments Inc. bought a new stake in SouthState Bank during the fourth quarter worth about $68,000. Finally, Fisher Asset Management LLC grew its stake in SouthState Bank by 2.5% during the fourth quarter. Fisher Asset Management LLC now owns 622,396 shares of the company’s stock worth $58,574,000 after buying an additional 15,142 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company’s stock.

Analyst Ratings Changes

SSB has been the topic of a number of research reports. Weiss Ratings cut shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. TD Cowen cut their target price on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a report on Monday, April 27th. Hovde Group increased their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Truist Financial lowered their price target on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, Jefferies Financial Group lifted their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $118.62.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the 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 owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.70% of the company’s stock.

SouthState Bank Price Performance

SSB stock opened at $92.49 on Tuesday. The company has a 50 day simple moving average of $95.02 and a 200 day simple moving average of $95.96. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 9.98 and a beta of 0.70. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $108.46. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92.

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

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were issued a $0.60 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.40 annualized dividend and a dividend yield of 2.6%. SouthState Bank’s dividend payout ratio is currently 25.89%.

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.