Dimensional Fund Advisors LP Increases Stock Holdings in SouthState Bank Corporation $SSB

Dimensional Fund Advisors LP boosted its holdings in SouthState Bank Corporation (NYSE:SSB) by 4.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,934,851 shares of the company’s stock after purchasing an additional 205,355 shares during the quarter. Dimensional Fund Advisors LP owned approximately 5.05% of SouthState Bank worth $456,554,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in SSB. Jane Street Group LLC increased its stake in shares of SouthState Bank by 4.6% during the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company’s stock valued at $7,703,000 after acquiring an additional 3,678 shares during the last quarter. M&T Bank Corp acquired a new stake in shares of SouthState Bank in the second quarter worth approximately $245,000. Arrowstreet Capital Limited Partnership boosted its position in shares of SouthState Bank by 1,801.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company’s stock worth $5,825,000 after acquiring an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company’s stock valued at $176,000 after purchasing an additional 452 shares during the period. Finally, Jump Financial LLC purchased a new stake in SouthState Bank in the second quarter valued at approximately $919,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of recent analyst reports. Citigroup cut 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 note on Thursday, June 25th. Hovde Group boosted their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. DA Davidson restated a “buy” rating and set a $125.00 price objective on shares of SouthState Bank in a report on Wednesday, June 10th. Barclays cut their target price on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 7th. Finally, Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $117.50.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the transaction, the director directly 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.70% of the stock is owned by company insiders.

SouthState Bank Stock Performance

SouthState Bank stock opened at $102.33 on Tuesday. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $108.46. The company has a market capitalization of $9.99 billion, a price-to-earnings ratio of 11.04 and a beta of 0.70. 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 firm’s fifty day moving average price is $97.17 and its 200 day moving average price is $97.53.

SouthState Bank (NYSE:SSB) last posted its quarterly earnings data 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. The company had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.28 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the prior year, the company posted $0.87 EPS. On average, research analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

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