Algert Global LLC Has $15.68 Million Position in SouthState Bank Corporation $SSB

Key Points

• Algert Global more than doubled its SouthState Bank stake in the second quarter, bringing its holdings to 156,990 shares worth approximately $15.68 million. Institutional investors and hedge funds collectively own 89.76% of the company.
• SouthState Bank reported quarterly earnings of $2.35 per share, exceeding analysts’ $2.31 estimate, while revenue of $672.67 million fell slightly short of expectations. The company also increased its quarterly dividend to $0.66 per share, a 10% rise.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $119.64, compared with the stock’s reported price of $106.12. However, company insiders sold 34,831 shares worth about $3.81 million over the past three months.

Algert Global LLC lifted its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 107.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 156,990 shares of the company's stock after purchasing an additional 81,210 shares during the period. Algert Global LLC owned 0.16% of SouthState Bank worth $15,683,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. FJ Capital Management LLC lifted its position in shares of SouthState Bank by 54.0% during the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company's stock valued at $76,515,000 after acquiring an additional 285,091 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of SouthState Bank during the 1st quarter worth approximately $4,898,000. NFJ Investment Group LLC bought a new position in shares of SouthState Bank during the 4th quarter worth about $30,930,000. Geode Capital Management LLC boosted its holdings in SouthState Bank by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company's stock worth $175,653,000 after acquiring an additional 85,981 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its position in SouthState Bank by 350.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company's stock valued at $2,100,000 after purchasing an additional 17,365 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Down 0.7%

Shares of NYSE:SSB opened at $106.12 on Wednesday. The firm has a fifty day moving average price of $103.71 and a two-hundred day moving average price of $99.05. 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 Corporation has a one year low of $84.47 and a one year high of $112.20. The company has a market cap of $10.29 billion, a price-to-earnings ratio of 11.16 and a beta of 0.71.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analysts' expectations of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the prior year, the firm posted $2.30 earnings per share. Analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, August 7th. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. SouthState Bank's payout ratio is presently 27.76%.

Analyst Ratings Changes

A number of equities analysts have issued reports on SSB shares. Truist Financial lifted their price target on SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Stephens restated an "overweight" rating and issued a $116.00 target price on shares of SouthState Bank in a report on Monday, July 27th. JPMorgan Chase & Co. increased their target price on SouthState Bank from $115.00 to $120.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Weiss Ratings raised SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 14th. Finally, Fundamental Research set a $120.00 price target on SouthState Bank in a research report on Wednesday, July 1st. One 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 MarketBeat, the company presently has a consensus rating of "Buy" and an average target price 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. Insiders have sold 34,831 shares of company stock valued at $3,814,274 in the last three months. 1.70% of the stock is owned by insiders.

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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