243,278 SouthState Bank Corporation $SSB Shares Sold by Fisher Asset Management LLC

Key Points

• Fisher Asset Management cut its SouthState Bank stake by 41.4% in the third quarter, selling 243,278 shares; it retained 343,941 shares valued at about $34.2 million.
• SouthState Bank missed quarterly expectations, reporting EPS of $2.30 versus $2.40 expected and revenue of $685.4 million versus $691.1 million expected. Earnings were also down from $2.58 per share in the year-ago quarter.
• Analysts maintained a broadly positive outlook: the stock has a consensus “Buy” rating and an average price target of $119.62, compared with a recent share price of $104.63. The bank’s quarterly dividend is $0.66 per share, equivalent to a 2.5% yield.

Fisher Asset Management LLC reduced its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 41.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 343,941 shares of the company's stock after selling 243,278 shares during the quarter. Fisher Asset Management LLC owned approximately 0.36% of SouthState Bank worth $34,243,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SSB. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of SouthState Bank during the 2nd quarter valued at $28,000. Provenance Wealth Advisors LLC bought a new stake in shares of SouthState Bank during the 3rd quarter worth $47,000. FNY Investment Advisers LLC bought a new stake in shares of SouthState Bank during the 2nd quarter worth $50,000. Fulcrum Asset Management LLP purchased a new position in shares of SouthState Bank in the 3rd quarter worth about $53,000. Finally, Trust Co. of Vermont bought a new position in SouthState Bank during the second quarter valued at about $65,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insiders Place Their Bets

In related news, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.70% of the company's stock.

SouthState Bank Stock Performance

Shares of SSB stock traded up $0.27 on Friday, hitting $104.63. 560,123 shares of the stock were exchanged, compared to its average volume of 799,219. The company has a current ratio of 0.95, a quick ratio of 0.94 and a debt-to-equity ratio of 0.06. The firm has a market capitalization of $10.12 billion, a PE ratio of 11.14 and a beta of 0.77. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20. The firm's 50 day moving average is $103.53 and its two-hundred day moving average is $100.56.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Wednesday, October 21st. The company reported $2.30 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($0.10). SouthState Bank had a return on equity of 10.23% and a net margin of 24.63%. The firm had revenue of $685.43 million during the quarter, compared to analysts' expectations of $691.13 million. During the same period last year, the business posted $2.58 EPS. Sell-side analysts expect that SouthState Bank Corporation will post 9.35 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 13th. Investors of record on Friday, November 6th were paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, November 6th. SouthState Bank's dividend payout ratio is presently 28.12%.

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of research analyst reports. Citigroup decreased their price objective on shares of SouthState Bank from $126.00 to $124.00 and set a "buy" rating for the company in a report on Monday, October 26th. Weiss Ratings reiterated a "buy (b)" rating on shares of SouthState Bank in a research note on Monday, October 12th. Truist Financial boosted their target price on shares of SouthState Bank from $113.00 to $118.00 and gave the company a "buy" rating in a research note on Wednesday, October 28th. Wall Street Zen downgraded shares of SouthState Bank from a "hold" rating to a "sell" rating in a research report on Saturday, October 24th. Finally, JPMorgan Chase & Co. decreased their price target on shares of SouthState Bank from $125.00 to $120.00 and set an "overweight" rating for the company in a research note on Thursday, October 1st. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, SouthState Bank currently has an average rating of "Buy" and a consensus price target of $119.62.

SouthState Bank Profile

SouthState Bank is a regional bank and subsidiary of SouthState Corporation, a financial services company. It provides personal and business banking services, including deposit accounts, loans, mortgage lending, treasury management and wealth management. The bank traces its history to 1934, when the First National Bank of Orangeburg opened in South Carolina. Its footprint is centered in the southeastern United States, with operations extending into Texas and Colorado following SouthState Corporation's combination with Independent Bank Group.

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