DGS Capital Management LLC Takes Position in SouthState Bank Corporation $SSB

DGS Capital Management LLC purchased a new stake in SouthState Bank Corporation (NYSE:SSB) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 5,234 shares of the company’s stock, valued at approximately $493,000.

Other large investors also recently added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC bought a new position in shares of SouthState Bank during the 3rd quarter valued at approximately $51,000. Ameritas Advisory Services LLC bought a new position in SouthState Bank during the third quarter valued at $57,000. Danske Bank A S bought a new position in SouthState Bank during the third quarter valued at $59,000. Harbour Investments Inc. purchased a new stake in shares of SouthState Bank in the fourth quarter valued at $68,000. Finally, Torren Management LLC bought a new stake in shares of SouthState Bank in the 4th quarter worth about $69,000. 89.76% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on SSB shares. Barclays dropped their price target on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Hovde Group raised 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. Truist Financial dropped 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. DA Davidson reaffirmed a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research note on Wednesday, June 10th. Finally, Weiss Ratings downgraded SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $118.62.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $96.48 on Friday. The firm has a market cap of $9.42 billion, a PE ratio of 10.41 and a beta of 0.70. The firm’s 50 day simple moving average is $96.03 and its 200-day simple moving average is $96.67. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $108.46. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93.

SouthState Bank (NYSE:SSB) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The company had revenue of $661.70 million for the quarter, compared to analysts’ expectations of $669.28 million. During the same quarter in the prior year, the firm earned $0.87 earnings per share. As a group, equities analysts predict that SouthState Bank Corporation will post 9.5 EPS for the current year.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank’s payout ratio is presently 25.89%.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated 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 transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. This 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 currently owned by company insiders.

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.