Key Points
- Director David Brooks sold 24,650 SouthState Bank shares for approximately $2.71 million at $110 per share, reducing his direct ownership by 75.73% to 7,900 shares.
- SouthState Bank reported quarterly EPS of $2.35, exceeding analyst expectations of $2.31, while revenue of $672.67 million fell slightly short of estimates. The stock opened at $108.21, near its 52-week high of $110.46.
- The company raised its quarterly dividend from $0.60 to $0.66 per share, implying an annualized dividend of $2.64 and a 2.4% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $119.64.
SouthState Bank Corporation (NYSE:SSB - Get Free Report) Director David Brooks sold 24,650 shares of the stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director directly owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
SouthState Bank Trading Down 0.3%
SouthState Bank stock opened at $108.21 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $110.46. The company has a market capitalization of $10.49 billion, a price-to-earnings ratio of 11.38 and a beta of 0.71. The stock has a 50-day moving average price of $100.55 and a 200 day moving average price of $98.43.
SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The company had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. During the same quarter in the prior year, the company earned $2.30 EPS. Sell-side analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current year.
SouthState Bank Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be issued a $0.66 dividend. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.4%. SouthState Bank's payout ratio is currently 27.76%.
Hedge Funds Weigh In On SouthState Bank
Large investors have recently made changes to their positions in the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in SouthState Bank during the second quarter valued at $28,000. Root Financial Partners LLC raised its position in shares of SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company's stock worth $39,000 after acquiring an additional 210 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of SouthState Bank in the second quarter worth about $50,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of SouthState Bank during the 3rd quarter worth about $51,000. Finally, GHP Investment Advisors Inc. purchased a new stake in shares of SouthState Bank during the 1st quarter worth about $52,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts recently issued reports on SSB shares. UBS Group cut shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price for the company. in a report on Tuesday, July 7th. DA Davidson reaffirmed a "buy" rating and issued a $125.00 price target on shares of SouthState Bank in a report on Wednesday, June 10th. Weiss Ratings raised SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 14th. Fundamental Research set a $120.00 price objective on SouthState Bank in a research note on Wednesday, July 1st. Finally, Piper Sandler boosted their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $119.64.
Check Out Our Latest Stock Report 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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