Greenwood Capital Associates LLC Takes $617,000 Position in SouthState Bank Corporation $SSB

Greenwood Capital Associates LLC bought a new stake in shares of SouthState Bank Corporation (NYSE:SSB) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 6,666 shares of the company’s stock, valued at approximately $617,000.

A number of other hedge funds have also modified their holdings of SSB. Root Financial Partners LLC increased its position in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after purchasing an additional 210 shares during the last quarter. Measured Wealth Private Client Group LLC bought a new position in shares of SouthState Bank in the third quarter valued at approximately $51,000. GHP Investment Advisors Inc. bought a new position in SouthState Bank in the 1st quarter worth $52,000. Danske Bank A S bought a new position in shares of SouthState Bank in the third quarter worth about $59,000. Finally, Harbour Investments Inc. bought a new position in SouthState Bank in the 4th quarter worth approximately $68,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction on 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 sale, the director owned 12,700 shares of the company’s stock, valued at $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.70% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Fundamental Research set a $120.00 price objective on SouthState Bank in a report on Wednesday, July 1st. Barclays reduced their target price on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday. Citigroup reduced their price target on shares of SouthState Bank from $116.00 to $115.00 and set a “buy” rating on the stock in a research report on Thursday, June 25th. Finally, TD Cowen decreased their price objective on SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $117.50.

SouthState Bank Stock Up 1.8%

Shares of SouthState Bank stock opened at $99.38 on Friday. The business has a 50-day moving average of $96.50 and a two-hundred day moving average of $97.25. 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. The company has a market capitalization of $9.71 billion, a P/E ratio of 10.72 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates 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 previous year, the firm posted $0.87 earnings per share. As a group, equities analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is currently 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.