Bank of America Corp DE Invests $59.79 Million in SouthState Bank Corporation $SSB

Key Points

• Bank of America acquired 598,519 SouthState Bank shares worth approximately $59.8 million, giving it a 0.62% stake. Institutional investors collectively own 89.76% of the company.
• SouthState Bank exceeded quarterly earnings expectations, reporting $2.35 in EPS versus the $2.31 consensus estimate, while generating $672.67 million in revenue.
• The company increased its quarterly dividend to $0.66 per share, equal to a 2.6% yield. Analysts maintain a “Buy” consensus with an average price target of $119.64.

Bank of America Corp DE acquired a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 598,519 shares of the company's stock, valued at approximately $59,792,000. Bank of America Corp DE owned about 0.62% of SouthState Bank at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of SouthState Bank in the 2nd quarter worth $981,557,000. Dimensional Fund Advisors LP raised its position in shares of SouthState Bank by 4.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company's stock valued at $456,554,000 after buying an additional 205,355 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of SouthState Bank by 4.8% during the 4th 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 during the last quarter. Franklin Resources Inc. grew its position in SouthState Bank by 1.0% in the fourth quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company's stock worth $152,809,000 after acquiring an additional 15,787 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in SouthState Bank by 26.1% in the first quarter. Bank of New York Mellon Corp now owns 1,442,939 shares of the company's stock valued at $133,501,000 after acquiring an additional 298,821 shares during the last quarter. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Performance

NYSE SSB opened at $103.53 on Monday. The company has a 50-day simple moving average of $106.08 and a two-hundred day simple moving average of $99.33. 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 Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The firm has a market cap of $10.04 billion, a price-to-earnings ratio of 10.89 and a beta of 0.72.

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

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 2.6%. 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 27.76%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on SouthState Bank from $115.00 to $120.00 and gave the company an "overweight" rating in a research report on Wednesday, July 1st. DA Davidson reiterated a "buy" rating and set a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. Barclays decreased their price objective on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock in a report on Tuesday, July 7th. Fundamental Research set a $120.00 target price on SouthState Bank in a research report on Wednesday, July 1st. Finally, Piper Sandler boosted their target price on SouthState Bank from $120.00 to $125.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. One 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. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $119.64.

Insider Buying and Selling

In related news, Director David R. Brooks sold 24,650 shares of SouthState Bank stock in a transaction 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 of the company's stock, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO William Matthews sold 4,000 shares of the company'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 sale, the chief financial officer owned 40,568 shares of the company's stock, 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 sold a total of 34,831 shares of company stock worth $3,814,274 over the last ninety days. Insiders own 1.70% of the company's stock.

SouthState Bank Profile

SouthState Bank is the principal banking subsidiary of SouthState Corporation NYSE: SSB, a regional financial institution headquartered in Winter Haven, Florida. The bank provides banking and financial services to individuals, families, businesses and institutions through a network of branches and digital banking channels.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit cards, treasury management, cash management and online and mobile banking.

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