Key Points
- David Brooks sold 14,300 shares of SouthState Bank on April 28 at an average price of $98.39 for about $1.41M, reducing his stake by 52.96% to 12,700 shares valued at roughly $1.25M.
- SouthState reported quarterly EPS of $2.28 (beating estimates) on $661.7M revenue, the stock trades near its 50/200-day averages (~$95), and the company has a market cap of $9.47B with a P/E of 10.4.
- SouthState pays a quarterly dividend of $0.60 (annualized $2.40) for a 2.5% yield, and analysts have a consensus "Buy" rating with an average target of $118.36.
SouthState Bank Corporation (NYSE:SSB - Get Free Report) Director David Brooks sold 14,300 shares of SouthState Bank 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 directly owned 12,700 shares of the company's stock, valued at $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.
SouthState Bank Stock Performance
SSB stock opened at $96.61 on Thursday. The business's fifty day moving average is $95.74 and its 200-day moving average is $95.39. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.08. The company has a market cap of $9.47 billion, a P/E ratio of 10.42 and a beta of 0.75. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $108.46.
SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping analysts' consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million during the quarter, compared to analysts' expectations of $669.29 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 firm earned $0.87 earnings per share. Equities research analysts forecast that SouthState Bank Corporation will post 9.52 EPS for the current year.
SouthState Bank Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 8th will be issued a dividend of $0.60 per share. The ex-dividend date is Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. SouthState Bank's dividend payout ratio (DPR) is 25.89%.
Hedge Funds Weigh In On SouthState Bank
Several hedge funds have recently made changes to their positions in the business. Blue Trust Inc. lifted its position in shares of SouthState Bank by 11.2% in the third quarter. Blue Trust Inc. now owns 1,102 shares of the company's stock worth $109,000 after purchasing an additional 111 shares in the last quarter. Nicholas Hoffman & Company LLC. grew 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 valued at $1,555,000 after purchasing an additional 111 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in SouthState Bank by 4.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company's stock valued at $245,000 after buying an additional 115 shares during the last quarter. HB Wealth Management LLC increased its stake in SouthState Bank by 0.7% in the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company's stock valued at $1,670,000 after buying an additional 129 shares during the last quarter. Finally, MML Investors Services LLC lifted its position in SouthState Bank by 5.9% during the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company's stock worth $222,000 after buying an additional 131 shares in the last quarter. 89.76% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of analysts have recently commented on SSB shares. Citigroup upped their price target on SouthState Bank from $116.00 to $120.00 and gave the company a "buy" rating in a research note on Monday, January 26th. Jefferies Financial Group lifted their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the stock a "buy" rating in a research note on Monday, February 2nd. Barclays decreased their price objective on shares of SouthState Bank from $126.00 to $123.00 and set an "overweight" rating for the company in a report on Monday. Weiss Ratings upgraded shares of SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 26th. Finally, TD Cowen reduced 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 report on Monday. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $118.36.
Check Out Our Latest Stock Analysis on SSB
About SouthState Bank
(
Get Free Report)
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.
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