PNC Financial Services Group Inc. Lowers Stock Holdings in SouthState Bank Corporation $SSB

PNC Financial Services Group Inc. lowered its holdings in SouthState Bank Corporation (NYSE:SSB) by 62.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 7,419 shares of the company’s stock after selling 12,105 shares during the period. PNC Financial Services Group Inc.’s holdings in SouthState Bank were worth $698,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Nicholas Hoffman & Company LLC. grew its position in shares of 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 during the period. B. Riley Wealth Advisors Inc. lifted its holdings in shares of SouthState Bank by 4.9% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company’s stock worth $245,000 after acquiring an additional 115 shares during the period. Independent Advisor Alliance lifted its holdings in shares of SouthState Bank by 0.5% during the 3rd quarter. Independent Advisor Alliance now owns 28,291 shares of the company’s stock worth $2,797,000 after acquiring an additional 150 shares during the period. Keybank National Association OH lifted its holdings in shares of SouthState Bank by 2.7% during the 3rd quarter. Keybank National Association OH now owns 5,690 shares of the company’s stock worth $563,000 after acquiring an additional 150 shares during the period. Finally, First Horizon Corp lifted its holdings in shares of SouthState Bank by 27.8% during the 4th quarter. First Horizon Corp now owns 813 shares of the company’s stock worth $77,000 after acquiring an additional 177 shares during the period. Hedge funds and other institutional investors own 89.76% of the company’s stock.

SouthState Bank Trading Down 0.1%

NYSE:SSB opened at $94.61 on Friday. The business’s 50-day moving average is $94.96 and its two-hundred day moving average is $95.88. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46. The firm has a market capitalization of $9.24 billion, a PE ratio of 10.21 and a beta of 0.72.

SouthState Bank (NYSE:SSB) last released its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. The firm 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 quarter in the prior year, the business earned $0.87 EPS. Research analysts predict that SouthState Bank Corporation will post 9.49 earnings per share for the current fiscal year.

SouthState Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were paid a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 annualized dividend and a yield of 2.5%. SouthState Bank’s payout ratio is 25.89%.

Analyst Upgrades and Downgrades

SSB has been the subject of several research reports. TD Cowen lowered their price objective on shares of SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research note 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 note on Monday, April 27th. Hovde Group boosted their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Finally, Truist Financial cut their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $118.62.

Insider Transactions at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director owned 12,700 shares of the company’s stock, valued at $1,249,553. The trade was a 52.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.70% of the stock is owned by company insiders.

About SouthState Bank

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.