Texas Capital Bank Wealth Management Services Inc Takes $627,000 Position in SouthState Bank Corporation $SSB

Texas Capital Bank Wealth Management Services Inc bought a new stake in shares of SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,274 shares of the company’s stock, valued at approximately $627,000.

Several other hedge funds also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in SouthState Bank during the second quarter valued at about $28,000. Root Financial Partners LLC boosted its stake in shares of SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock worth $39,000 after acquiring an additional 210 shares during the period. FNY Investment Advisers LLC bought a new position in shares of SouthState Bank in the second quarter worth about $50,000. Measured Wealth Private Client Group LLC purchased a new stake in shares of SouthState Bank during the third quarter worth about $51,000. Finally, GHP Investment Advisors Inc. bought a new stake in SouthState Bank during the 1st quarter valued at approximately $52,000. Institutional investors own 89.76% of the company’s stock.

Insider Activity

In other news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the sale, the director directly owned 7,900 shares of the company’s stock, valued at $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Weiss Ratings upgraded SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. Stephens reiterated an “overweight” rating and set a $116.00 price objective on shares of SouthState Bank in a research report on Monday, July 27th. TD Cowen upped their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Truist Financial raised their target price on shares of SouthState Bank from $108.00 to $118.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Barclays reduced their price target on shares of SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $119.64.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $110.99 on Tuesday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The stock has a market capitalization of $10.76 billion, a P/E ratio of 11.67 and a beta of 0.71. The firm has a fifty day simple moving average of $102.52 and a two-hundred day simple moving average of $98.88. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $676.83 million. During the same period in the prior year, the company earned $2.30 EPS. On average, analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.4%. This is a boost from SouthState Bank’s previous quarterly dividend of $0.60. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is currently 27.76%.

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.