SG Americas Securities LLC Has $973,000 Stock Position in SouthState Bank Corporation $SSB

SG Americas Securities LLC lowered its position in SouthState Bank Corporation (NYSE:SSB) by 93.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,520 shares of the company’s stock after selling 142,457 shares during the period. SG Americas Securities LLC’s holdings in SouthState Bank were worth $973,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Fundamental Research set a $120.00 target price on SouthState Bank in a research note on Wednesday. Truist Financial reduced their price target 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. Barclays lowered their price objective on shares of SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research report 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. Finally, Wall Street Zen raised shares of SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $118.71.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $100.03 on Friday. 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 business has a 50-day moving average of $96.32 and a 200-day moving average of $97.19. The stock has a market capitalization of $9.77 billion, a price-to-earnings ratio of 10.79 and a beta of 0.70. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $108.46.

SouthState Bank (NYSE:SSB) last released its earnings results 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. The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the prior year, the company posted $0.87 earnings per share. As a group, sell-side analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

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

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the stock in a transaction that occurred on 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 sale, 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

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.