75,000 Shares in SouthState Bank Corporation $SSB Bought by Alberta Investment Management Corp

Alberta Investment Management Corp bought a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 75,000 shares of the company's stock, valued at approximately $7,492,000. Alberta Investment Management Corp owned approximately 0.08% of SouthState Bank at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SSB. FJ Capital Management LLC boosted its holdings in shares of SouthState Bank by 54.0% in the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company's stock valued at $76,515,000 after buying an additional 285,091 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in SouthState Bank in the first quarter valued at $4,898,000. NFJ Investment Group LLC acquired a new stake in SouthState Bank in the fourth quarter valued at $30,930,000. 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 valued at $175,653,000 after acquiring an additional 85,981 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of SouthState Bank by 350.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company's stock worth $2,100,000 after purchasing an additional 17,365 shares during the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director David R. Brooks sold 24,650 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the sale, the director directly owned 7,900 shares of the company's stock, valued at approximately $869,000. This represents a 75.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.70% of the company's stock.

SouthState Bank Stock Performance

SSB opened at $111.62 on Monday. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93. The business has a fifty day simple moving average of $102.20 and a 200 day simple moving average of $98.81. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $111.79. The company has a market capitalization of $10.82 billion, a PE ratio of 11.74 and a beta of 0.71.

SouthState Bank (NYSE:SSB - Get Free Report) last posted 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. The company had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same quarter last year, the firm earned $2.30 earnings per share. Research analysts expect 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. Stockholders 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 dividend yield of 2.4%. The ex-dividend date was Friday, August 7th. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's dividend payout ratio is currently 27.76%.

Wall Street Analyst Weigh In

SSB has been the subject of several recent analyst reports. Stephens reiterated an "overweight" rating and issued a $116.00 target price on shares of SouthState Bank in a research note on Monday, July 27th. Hovde Group boosted their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Weiss Ratings upgraded SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 14th. Citigroup lifted their target price on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Finally, Wall Street Zen lowered SouthState Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $119.64.

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.

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