DGS Capital Management LLC Invests $493,000 in SouthState Bank Corporation $SSB

DGS Capital Management LLC acquired a new position in shares of SouthState Bank Corporation (NYSE:SSB) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 5,234 shares of the company’s stock, valued at approximately $493,000.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in SouthState Bank by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company’s stock worth $1,029,315,000 after purchasing an additional 161,928 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of SouthState Bank by 1.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,729,496 shares of the company’s stock worth $445,101,000 after buying an additional 62,879 shares during the last quarter. Geode Capital Management LLC grew its position in shares of SouthState Bank by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after buying an additional 85,981 shares during the last quarter. Invesco Ltd. raised its stake in shares of SouthState Bank by 3.6% during the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock worth $155,068,000 after acquiring an additional 56,693 shares in the last quarter. Finally, Franklin Resources Inc. lifted its position in SouthState Bank by 1.0% during the fourth quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company’s stock valued at $152,809,000 after acquiring an additional 15,787 shares during the last quarter. Institutional investors own 89.76% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on SSB. Barclays lowered their target price 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 increased their price objective on SouthState Bank from $110.00 to $112.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Weiss Ratings cut SouthState Bank from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Wall Street Zen upgraded SouthState Bank from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Finally, DA Davidson reaffirmed a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $118.62.

SouthState Bank Price Performance

Shares of SSB opened at $96.48 on Friday. The firm has a market capitalization of $9.42 billion, a PE ratio of 10.41 and a beta of 0.70. 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 1-year low of $84.47 and a 1-year high of $108.46. The company’s fifty day moving average price is $96.03 and its 200-day moving average price is $96.67.

SouthState Bank (NYSE:SSB) last issued its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The company had revenue of $661.70 million during the quarter, compared to analyst estimates of $669.28 million. During the same quarter last year, the business posted $0.87 EPS. On average, equities research analysts predict that SouthState Bank Corporation will post 9.5 EPS for the current year.

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were paid a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank’s dividend payout ratio (DPR) is presently 25.89%.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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.