4,989 Shares in SouthState Bank Corporation $SSB Bought by Northwestern Mutual Wealth Management Co.

Northwestern Mutual Wealth Management Co. purchased a new position in SouthState Bank Corporation (NYSE:SSB) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 4,989 shares of the company’s stock, valued at approximately $498,000.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake 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 buying an additional 161,928 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of SouthState Bank in the 2nd quarter worth about $981,557,000. Dimensional Fund Advisors LP raised its holdings in shares of SouthState Bank by 4.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company’s stock worth $456,554,000 after acquiring an additional 205,355 shares during the last quarter. Geode Capital Management LLC lifted 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 acquiring an additional 85,981 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in SouthState Bank by 3.6% during the 4th quarter. Invesco Ltd. now owns 1,647,727 shares of the company’s stock valued at $155,068,000 after purchasing an additional 56,693 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors.

SouthState Bank Trading Up 0.4%

Shares of SSB opened at $106.53 on Thursday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $112.20. The business has a 50-day moving average of $103.92 and a 200 day moving average of $99.05. The firm has a market cap of $10.33 billion, a P/E ratio of 11.20 and a beta of 0.71. 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) last issued its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. During the same quarter last year, the business earned $2.30 earnings per share. As a group, research analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s payout ratio is presently 27.76%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Fundamental Research set a $120.00 price objective on SouthState Bank in a research note on Wednesday, July 1st. Truist Financial increased their price target on SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Wall Street Zen downgraded shares of SouthState Bank from a “hold” rating to a “sell” rating in a report on Saturday, July 25th. Stephens reiterated an “overweight” rating and issued a $116.00 target price on shares of SouthState Bank in a report on Monday, July 27th. Finally, Piper Sandler raised their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. One 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 company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $119.64.

Insider Activity

In related news, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the transaction, the director directly owned 7,900 shares in the company, valued at approximately $869,000. This represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the completion of the sale, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 34,831 shares of company stock worth $3,814,274. Company insiders own 1.70% of the company’s stock.

SouthState Bank 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.