Key Points
- SouthState Bank CFO William Matthews sold 4,000 shares at an average price of $108.93, totaling $435,720. His remaining stake fell by 8.98% to 40,568 shares.
- SouthState Bank reported quarterly EPS of $2.35, exceeding the $2.31 analyst consensus, while revenue of $672.67 million came in slightly below expectations.
- The company increased its quarterly dividend from $0.60 to $0.66 per share, equal to an annualized $2.64 payout and a 2.5% yield. Analysts maintain a consensus “Buy” rating with an average price target of $119.64.
SouthState Bank Corporation (NYSE:SSB - Get Free Report) CFO William Matthews sold 4,000 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. This trade represents a 8.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
SouthState Bank Stock Down 2.7%
NYSE SSB opened at $107.13 on Thursday. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20. The company has a market cap of $10.39 billion, a P/E ratio of 11.26 and a beta of 0.71. The business has a fifty day moving average price of $103.02 and a 200 day moving average price of $98.97. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94.
SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The firm had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. During the same quarter last year, the business posted $2.30 earnings per share. Research analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.
SouthState Bank Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were issued a dividend of $0.66 per share. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. SouthState Bank's dividend payout ratio (DPR) is 27.76%.
Institutional Investors Weigh In On SouthState Bank
Several hedge funds have recently made changes to their positions in the business. FJ Capital Management LLC grew its stake in shares of SouthState Bank by 54.0% during the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company's stock valued at $76,515,000 after buying an additional 285,091 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of SouthState Bank during the 1st quarter valued at about $4,898,000. NFJ Investment Group LLC acquired a new position in shares of SouthState Bank during the fourth quarter worth $30,930,000. Geode Capital Management LLC boosted its position in SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company's stock valued at $175,653,000 after buying an additional 85,981 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in SouthState Bank by 350.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company's stock valued at $2,100,000 after purchasing an additional 17,365 shares during the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.
Analysts Set New Price Targets
A number of analysts recently weighed in on SSB shares. UBS Group lowered shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price on the stock. in a research note on Tuesday, July 7th. Stephens reiterated an "overweight" rating and issued a $116.00 price objective on shares of SouthState Bank in a research note on Monday, July 27th. Barclays dropped their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 7th. TD Cowen upped their price target on SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Finally, Piper Sandler increased their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the stock 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 one has assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $119.64.
Check Out Our Latest Report on SSB
SouthState Bank Company Profile
(
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.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
