Algebris UK Ltd. bought a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 575,313 shares of the company's stock, valued at approximately $57,293,000. SouthState Bank comprises 3.8% of Algebris UK Ltd.'s holdings, making the stock its 10th largest holding. Algebris UK Ltd. owned approximately 0.59% of SouthState Bank at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in SouthState Bank in the 2nd quarter valued at $28,000. Root Financial Partners LLC grew its position in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company's stock valued at $39,000 after buying an additional 210 shares during the period. FNY Investment Advisers LLC purchased a new stake in SouthState Bank during the second quarter worth about $50,000. Measured Wealth Private Client Group LLC purchased a new stake in SouthState Bank during the third quarter worth about $51,000. Finally, GHP Investment Advisors Inc. bought a new stake in SouthState Bank in the first quarter worth about $52,000. 89.76% of the stock is owned by hedge funds and other institutional investors.
SouthState Bank Trading Down 2.7%
NYSE:SSB opened at $107.13 on Thursday. The company has a market cap of $10.39 billion, a P/E ratio of 11.26 and a beta of 0.71. The stock's fifty day moving average price is $103.02 and its two-hundred day moving average price is $98.97. SouthState Bank Corporation has a 1 year low of $84.47 and a 1 year high of $112.20. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93.
SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. The company had revenue of $672.67 million during the quarter, compared to analysts' expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period in the previous year, the business earned $2.30 earnings per share. As a group, analysts expect that SouthState Bank Corporation will post 9.51 EPS for the current year.
SouthState Bank Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. This is an increase 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 27.76%.
Insider Buying and Selling
In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the 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 sale, the director directly owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of the firm's stock in a transaction 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 transaction, the chief financial officer directly owned 40,568 shares of the company's stock, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 34,831 shares of company stock valued at $3,814,274 over the last 90 days. 1.70% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of research firms have recently weighed in on SSB. TD Cowen increased their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Hovde Group raised their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Stephens reaffirmed an "overweight" rating and issued a $116.00 price target on shares of SouthState Bank in a report on Monday, July 27th. Fundamental Research set a $120.00 price objective on SouthState Bank in a research note on Wednesday, July 1st. Finally, Truist Financial increased their price objective on SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $119.64.
View Our Latest Stock Report on SSB
SouthState Bank Company Profile
(
Free Report)
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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