Bank of New York Mellon Corp Buys 89,397 Shares of SouthState Bank Corporation $SSB

Bank of New York Mellon Corp raised its stake in SouthState Bank Corporation (NYSE:SSB) by 8.5% in the 4th quarter, Holdings Channel.com reports. The fund owned 1,144,118 shares of the company’s stock after buying an additional 89,397 shares during the quarter. Bank of New York Mellon Corp’s holdings in SouthState Bank were worth $107,673,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Measured Wealth Private Client Group LLC bought a new position in shares of SouthState Bank in the third quarter worth $51,000. State of Wyoming raised its stake in SouthState Bank by 356.0% in the third quarter. State of Wyoming now owns 570 shares of the company’s stock valued at $56,000 after purchasing an additional 445 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in SouthState Bank during the third quarter worth about $57,000. Danske Bank A S acquired a new stake in SouthState Bank during the third quarter worth about $59,000. Finally, Harbour Investments Inc. acquired a new stake in SouthState Bank during the fourth quarter worth about $68,000. 89.76% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares of the company’s stock, valued at $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 is available through this hyperlink. 1.70% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Truist Financial dropped their target price 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. Barclays reduced their price target on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating on the stock in a research report on Monday, April 27th. Weiss Ratings downgraded shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. upped their target price on SouthState Bank from $110.00 to $115.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Finally, Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. One research 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. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $118.62.

SouthState Bank Trading Up 0.1%

Shares of SouthState Bank stock opened at $95.42 on Monday. The firm’s 50 day moving average is $95.31 and its 200 day moving average is $96.12. The firm has a market capitalization of $9.32 billion, a PE ratio of 10.29 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 current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04.

SouthState Bank (NYSE:SSB) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating the consensus estimate of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The business had revenue of $661.70 million during the quarter, compared to the consensus estimate of $669.29 million. During the same quarter in the prior year, the firm earned $0.87 EPS. Equities research analysts forecast that SouthState Bank Corporation will post 9.49 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio is presently 25.89%.

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.