Bank of New York Mellon Corp Makes New $130.42 Million Investment in SouthState Bank Corporation $SSB

Key Points

• Bank of New York Mellon acquired 1.31 million SouthState Bank shares worth approximately $130.4 million, giving it a 1.35% stake. Institutional investors collectively own 89.76% of the company.
• SouthState Bank reported quarterly EPS of $2.35, beating estimates by $0.04, while revenue of $672.7 million fell slightly short of expectations. Analysts maintain a consensus “Buy” rating with a $119.64 price target.
• The bank increased its quarterly dividend from $0.60 to $0.66 per share, representing a $2.64 annualized payout and a 2.5% yield. Insiders, however, sold 34,831 shares worth about $3.8 million over the last quarter.

Bank of New York Mellon Corp acquired a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 1,305,493 shares of the company's stock, valued at approximately $130,419,000. Bank of New York Mellon Corp owned approximately 1.35% of SouthState Bank as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Root Financial Partners LLC boosted its holdings 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 purchasing an additional 210 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of SouthState Bank in the 2nd quarter worth approximately $50,000. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank in the 3rd quarter worth approximately $51,000. GHP Investment Advisors Inc. bought a new position in shares of SouthState Bank during the 1st quarter worth approximately $52,000. Finally, Danske Bank A S bought a new position in shares of SouthState Bank during the 3rd quarter worth approximately $59,000. 89.76% of the stock is owned by institutional investors.

SouthState Bank Stock Performance

Shares of NYSE SSB opened at $106.86 on Monday. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $112.20. The company has a market cap of $10.36 billion, a PE ratio of 11.24 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average of $103.35 and a two-hundred day moving average of $99.03.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The business 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 period in the prior year, the firm earned $2.30 earnings per share. As a group, equities analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were issued a $0.66 dividend. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank's dividend payout ratio (DPR) is 27.76%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SSB shares. DA Davidson reissued a "buy" rating and set a $125.00 price objective on shares of SouthState Bank in a report on Wednesday, June 10th. TD Cowen upped their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Barclays dropped their target price on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a research report on Tuesday, July 7th. Wall Street Zen downgraded shares of SouthState Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Finally, JPMorgan Chase & Co. boosted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company an "overweight" rating 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.com, SouthState Bank has an average rating of "Buy" and a consensus price target of $119.64.

Insider Transactions at SouthState Bank

In related news, CFO William E. V. Matthews sold 4,000 shares of the business'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 of the company's stock, valued at $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, 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 transaction of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 34,831 shares of company stock valued at $3,814,274. Corporate insiders own 1.70% of the company's stock.

About SouthState Bank

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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