Allspring Global Investments Holdings LLC Cuts Stock Position in SouthState Bank Corporation $SSB

Allspring Global Investments Holdings LLC lessened its position in SouthState Bank Corporation (NYSE:SSB) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,078,066 shares of the company’s stock after selling 77,007 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in SouthState Bank were worth $100,918,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Root Financial Partners LLC boosted its stake in SouthState Bank by 100.0% during 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 acquired a new position in SouthState Bank during the third quarter worth about $51,000. GHP Investment Advisors Inc. purchased a new stake in SouthState Bank during the 1st quarter valued at about $52,000. Danske Bank A S purchased a new stake in SouthState Bank during the 3rd quarter valued at about $59,000. Finally, Harbour Investments Inc. acquired a new stake in SouthState Bank in the 4th quarter valued at about $68,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Barclays cut their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a report on Tuesday, July 7th. Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday. DA Davidson reaffirmed a “buy” rating and set a $125.00 price target on shares of SouthState Bank in a research report on Wednesday, June 10th. Citigroup decreased their price target on SouthState Bank from $116.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, June 25th. Finally, UBS Group downgraded shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target on the stock. in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $117.50.

SouthState Bank Stock Down 1.1%

SSB opened at $103.06 on Friday. The business has a 50 day simple moving average of $97.00 and a 200-day simple moving average of $97.47. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month 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 stock has a market capitalization of $10.07 billion, a P/E ratio of 11.12 and a beta of 0.70.

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. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. During the same quarter last year, the company earned $0.87 earnings per share. On average, equities analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders 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 2.3%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio is presently 25.89%.

Insider Activity

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is currently owned by insiders.

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.