Bessemer Group Inc. Sells 14,441 Shares of SouthState Bank Corporation $SSB

Bessemer Group Inc. trimmed its position in SouthState Bank Corporation (NYSE:SSB) by 5.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 271,276 shares of the company’s stock after selling 14,441 shares during the quarter. Bessemer Group Inc.’s holdings in SouthState Bank were worth $25,098,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of SSB. Nicholas Hoffman & Company LLC. boosted its stake in SouthState Bank by 0.7% during the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company’s stock worth $1,555,000 after buying an additional 111 shares in the last quarter. HB Wealth Management LLC raised its stake in shares of SouthState Bank by 0.7% in the 1st quarter. HB Wealth Management LLC now owns 18,045 shares of the company’s stock valued at $1,670,000 after buying an additional 129 shares in the last quarter. MML Investors Services LLC raised its stake in shares of SouthState Bank by 5.9% in the 4th quarter. MML Investors Services LLC now owns 2,360 shares of the company’s stock valued at $222,000 after buying an additional 131 shares in the last quarter. FourThought Financial Partners LLC lifted its holdings in shares of SouthState Bank by 5.8% during the 4th quarter. FourThought Financial Partners LLC now owns 2,544 shares of the company’s stock worth $239,000 after acquiring an additional 139 shares during the period. Finally, Inspire Investing LLC lifted its holdings in shares of SouthState Bank by 5.0% during the 1st quarter. Inspire Investing LLC now owns 3,641 shares of the company’s stock worth $337,000 after acquiring an additional 172 shares during the period. 89.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on SSB shares. Weiss Ratings raised shares of SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday. Barclays cut their price target on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating for the company in a research note on Tuesday, July 7th. Wall Street Zen raised SouthState Bank from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Truist Financial lowered their price objective on SouthState Bank from $110.00 to $108.00 and set a “buy” rating on the stock in a research note on Monday, April 27th. Finally, DA Davidson reissued a “buy” rating and issued a $125.00 target price on shares of SouthState Bank in a report on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $117.50.

Insider Buying and Selling at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the director owned 12,700 shares of the company’s stock, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company’s stock.

SouthState Bank Stock Down 1.1%

Shares of NYSE:SSB opened at $103.06 on Friday. The company’s fifty day moving average is $97.00 and its 200-day moving average is $97.47. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The company has a market capitalization of $10.07 billion, a PE ratio of 11.12 and a beta of 0.70.

SouthState Bank (NYSE:SSB) last announced 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 net margin of 24.75% and a return on equity of 10.81%. The business had revenue of $661.70 million during the quarter, compared to analysts’ expectations of $669.28 million. During the same quarter last year, the company posted $0.87 EPS. Equities research analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The company also recently disclosed 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. This represents a $2.40 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank’s dividend payout ratio is currently 25.89%.

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.