Louisiana State Employees Retirement System Buys Shares of 28,700 SouthState Bank Corporation $SSB

Louisiana State Employees Retirement System purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 28,700 shares of the company’s stock, valued at approximately $2,655,000.

Other hedge funds also recently modified their holdings of the company. Measured Wealth Private Client Group LLC purchased a new stake in SouthState Bank in the third quarter worth $51,000. Danske Bank A S purchased a new position in shares of SouthState Bank during the 3rd quarter valued at $59,000. Harbour Investments Inc. purchased a new position in shares of SouthState Bank during the 4th quarter valued at $68,000. Torren Management LLC bought a new position in shares of SouthState Bank during the 4th quarter worth $69,000. Finally, Johnson Financial Group Inc. bought a new position in shares of SouthState Bank during the 3rd quarter worth $72,000. Institutional investors own 89.76% of the company’s stock.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the company’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 transaction, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The transaction 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.

SouthState Bank Trading Down 0.1%

Shares of SSB opened at $101.28 on Monday. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $108.46. The stock has a market cap of $9.89 billion, a PE ratio of 10.93 and a beta of 0.70. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The business’s 50-day moving average price is $96.16 and its 200-day moving average price is $97.01.

SouthState Bank (NYSE:SSB) last released 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. The company had revenue of $661.70 million during the quarter, compared to analyst estimates 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 last year, the business earned $0.87 earnings per share. On average, equities analysts forecast that SouthState Bank Corporation will post 9.5 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Friday, May 8th. SouthState Bank’s payout ratio is 25.89%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SSB. Citigroup lowered their price objective on SouthState Bank from $116.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday. Weiss Ratings downgraded shares of SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, May 26th. DA Davidson reissued a “buy” rating and issued a $125.00 price target on shares of SouthState Bank in a research report on Wednesday, June 10th. TD Cowen dropped their price target on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, Truist Financial cut their price objective on shares of SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, SouthState Bank currently has an average rating of “Buy” and a consensus price target of $118.23.

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.