Fort Washington Investment Advisors Inc. OH Has $31.18 Million Position in SouthState Bank Corporation $SSB

Fort Washington Investment Advisors Inc. OH boosted its position in SouthState Bank Corporation (NYSE:SSB) by 55.4% during the first quarter, Holdings Channel reports. The institutional investor owned 337,045 shares of the company’s stock after purchasing an additional 120,120 shares during the quarter. Fort Washington Investment Advisors Inc. OH’s holdings in SouthState Bank were worth $31,183,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Jane Street Group LLC grew its position in SouthState Bank by 4.6% in the first quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after purchasing an additional 3,678 shares in the last quarter. M&T Bank Corp acquired a new position in shares of SouthState Bank during the 2nd quarter worth about $245,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of SouthState Bank by 1,801.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock worth $5,825,000 after buying an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of SouthState Bank by 31.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after acquiring an additional 452 shares in the last quarter. Finally, Jump Financial LLC acquired a new stake in shares of SouthState Bank in the second quarter valued at about $919,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

Shares of SouthState Bank stock opened at $101.28 on Monday. The company has a market cap of $9.89 billion, a P/E ratio of 10.93 and a beta of 0.70. The business has a 50-day moving average price of $96.16 and a two-hundred day moving average price of $97.01. 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 Corporation has a 1-year low of $84.47 and a 1-year high of $108.46.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share 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 firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. During the same quarter in the prior year, the business earned $0.87 earnings per share. As a group, analysts anticipate that SouthState Bank Corporation will post 9.5 EPS for the current year.

SouthState Bank Dividend Announcement

The firm also recently announced 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 2.4%. The ex-dividend date was Friday, May 8th. SouthState Bank’s payout ratio is presently 25.89%.

Analyst Upgrades and Downgrades

SSB has been the topic of several recent analyst reports. TD Cowen lowered their price objective on shares of 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 downgraded SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. Truist Financial cut their price target on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research note 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 note on Monday, April 27th. Finally, JPMorgan Chase & Co. raised their target price on SouthState Bank from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and an average price target of $118.23.

Insiders Place Their Bets

In related news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.70% of the company’s stock.

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.