Geode Capital Management LLC Boosts Holdings in SouthState Bank Corporation $SSB

Geode Capital Management LLC grew its position in SouthState Bank Corporation (NYSE:SSB) by 4.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,866,033 shares of the company’s stock after buying an additional 85,981 shares during the period. Geode Capital Management LLC owned 1.86% of SouthState Bank worth $175,653,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in SSB. Nicholas Hoffman & Company LLC. boosted its position in shares of SouthState Bank by 0.7% during the 4th quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after purchasing an additional 111 shares during the period. FourThought Financial Partners LLC boosted its position in shares of SouthState Bank by 5.8% during the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after purchasing an additional 139 shares during the period. Keybank National Association OH boosted its position in shares of SouthState Bank by 2.7% during the 3rd quarter. Keybank National Association OH now owns 5,690 shares of the company’s stock worth $563,000 after purchasing an additional 150 shares during the period. First Horizon Corp boosted its position in shares of SouthState Bank by 27.8% during the 4th quarter. First Horizon Corp now owns 813 shares of the company’s stock worth $77,000 after purchasing an additional 177 shares during the period. Finally, Vident Advisory LLC boosted its position in shares of SouthState Bank by 8.5% during the 2nd quarter. Vident Advisory LLC now owns 3,143 shares of the company’s stock worth $289,000 after purchasing an additional 246 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SSB. Weiss Ratings cut shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. 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. TD Cowen lowered their price objective on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research report on Monday, April 27th. Finally, Truist Financial lowered their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, SouthState Bank presently has a consensus rating of “Buy” and a consensus 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 that occurred on 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 sale, the director directly owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.70% of the stock is currently owned by company insiders.

SouthState Bank Price Performance

SouthState Bank stock opened at $92.32 on Thursday. The firm has a market cap of $9.02 billion, a PE ratio of 9.96 and a beta of 0.70. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The company’s 50 day moving average is $95.15 and its two-hundred day moving average is $96.01.

SouthState Bank (NYSE:SSB) last released its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping 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 business earned $0.87 EPS. On average, research analysts expect 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. The ex-dividend date was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. SouthState Bank’s dividend payout ratio is 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.