SouthState Bank Corporation $SSB Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. boosted its position in SouthState Bank Corporation (NYSE:SSB) by 1.0% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,623,728 shares of the company’s stock after acquiring an additional 15,787 shares during the period. Franklin Resources Inc.’s holdings in SouthState Bank were worth $152,809,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of SouthState Bank by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock valued at $1,029,315,000 after purchasing an additional 161,928 shares during the period. Dimensional Fund Advisors LP raised its position in shares of SouthState Bank by 1.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company’s stock worth $461,392,000 after buying an additional 84,812 shares during the period. Geode Capital Management LLC increased its stake in SouthState Bank by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after acquiring an additional 85,981 shares during the last quarter. Invesco Ltd. grew its holdings in shares of SouthState Bank by 35.6% during the 3rd quarter. Invesco Ltd. now owns 1,591,034 shares of the company’s stock worth $157,306,000 after purchasing an additional 418,031 shares during the period. Finally, Norges Bank purchased a new stake in shares of SouthState Bank during the 4th quarter worth about $125,940,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Insiders Place Their Bets

In other news, Director David R. Brooks sold 14,300 shares of the business’s stock in a transaction 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 sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.70% of the stock is owned by insiders.

SouthState Bank Price Performance

SSB stock opened at $96.78 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The stock’s 50 day moving average is $95.61 and its two-hundred day moving average is $96.32. The company has a market capitalization of $9.45 billion, a PE ratio of 10.44 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. The company had revenue of $661.70 million during the quarter, compared to analyst estimates 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 last year, the firm earned $0.87 EPS. Analysts predict that SouthState Bank Corporation will post 9.49 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders 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 presently 25.89%.

Analysts Set New Price Targets

SSB has been the subject of a number of research reports. DA Davidson reiterated a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a report on Wednesday. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Truist Financial lowered their target price on SouthState Bank from $110.00 to $108.00 and set a “buy” rating for the company in a research note on Monday, April 27th. Barclays lowered their target price on SouthState Bank from $126.00 to $123.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. Finally, TD Cowen lowered their target price on SouthState Bank from $117.00 to $114.00 and set a “buy” rating for the company in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, SouthState Bank has an average rating of “Buy” and a consensus price target of $118.62.

SouthState Bank Company 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.