Bank of New York Mellon Corp Acquires 298,821 Shares of SouthState Bank Corporation $SSB

Bank of New York Mellon Corp increased its holdings in shares of SouthState Bank Corporation (NYSE:SSB) by 26.1% during the 1st quarter, Holdings Channel.com reports. The fund owned 1,442,939 shares of the company’s stock after acquiring an additional 298,821 shares during the period. Bank of New York Mellon Corp’s holdings in SouthState Bank were worth $133,501,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Nicholas Hoffman & Company LLC. raised its position in SouthState Bank by 0.7% in the fourth 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 in the last quarter. HB Wealth Management LLC boosted its holdings in SouthState Bank by 0.7% during the first quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after purchasing an additional 129 shares in the last quarter. MML Investors Services LLC boosted its holdings in SouthState Bank by 5.9% during the fourth quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after purchasing an additional 131 shares in the last quarter. FourThought Financial Partners LLC grew its stake in shares of SouthState Bank by 5.8% in the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock valued at $239,000 after purchasing an additional 139 shares during the period. Finally, Inspire Investing LLC grew its stake in shares of SouthState Bank by 5.0% in the 1st quarter. Inspire Investing LLC now owns 3,641 shares of the company’s stock valued at $337,000 after purchasing an additional 172 shares during the period. Institutional investors own 89.76% of the company’s stock.

SouthState Bank Stock Performance

NYSE:SSB opened at $103.06 on Monday. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $108.46. The firm has a 50 day moving average of $97.00 and a 200-day moving average of $97.48. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04. 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 announced its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to the consensus estimate of $669.28 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same period in the previous year, the business earned $0.87 EPS. As a group, sell-side analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were paid a $0.60 dividend. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.3%. SouthState Bank’s payout ratio is currently 25.89%.

Insider Buying and Selling

In other news, Director David R. Brooks sold 14,300 shares of the 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 in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Truist Financial cut their target price on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research report on Monday, April 27th. UBS Group cut SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target on the stock. in a research report on Tuesday, July 7th. DA Davidson reiterated a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a research note on Wednesday, June 10th. Citigroup cut their price objective on SouthState Bank from $116.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, June 25th. Finally, Wall Street Zen upgraded shares of SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, SouthState Bank currently has a consensus rating of “Moderate Buy” and an average target price of $117.50.

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.