Basswood Capital Management L.L.C. Acquires New Stake in SouthState Bank Corporation $SSB

Key Points

• Basswood Capital Management acquired 281,031 shares of SouthState Bank, worth approximately $28.1 million, making the stock its 25th-largest holding and representing a 0.29% stake.
• SouthState Bank reported quarterly EPS of $2.35, topping analyst expectations of $2.31, while revenue came in at $672.7 million. The company also raised its quarterly dividend to $0.66, equivalent to a 2.5% yield.
• Analysts remain broadly positive, with an average “Buy” rating and a $119.64 price target versus the reported share price of $106.53; however, company insiders sold roughly $3.8 million of stock over the past 90 days.

Basswood Capital Management L.L.C. bought a new position in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 281,031 shares of the company's stock, valued at approximately $28,075,000. SouthState Bank comprises approximately 1.1% of Basswood Capital Management L.L.C.'s investment portfolio, making the stock its 25th largest holding. Basswood Capital Management L.L.C. owned 0.29% of SouthState Bank at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of SouthState Bank during the second quarter worth about $28,000. Root Financial Partners LLC boosted its holdings in SouthState Bank by 100.0% in the first quarter. Root Financial Partners LLC now owns 420 shares of the company's stock valued at $39,000 after acquiring an additional 210 shares during the last quarter. FNY Investment Advisers LLC bought a new stake in SouthState Bank in the second quarter valued at approximately $50,000. Measured Wealth Private Client Group LLC acquired a new stake in SouthState Bank during the 3rd quarter valued at approximately $51,000. Finally, GHP Investment Advisors Inc. acquired a new stake in SouthState Bank during the 1st quarter valued at approximately $52,000. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Price Performance

SouthState Bank stock opened at $106.53 on Thursday. The stock has a market capitalization of $10.33 billion, a price-to-earnings ratio of 11.20 and a beta of 0.71. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $112.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The stock's 50 day moving average price is $103.92 and its two-hundred day moving average price is $99.05.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings data 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. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The company had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. During the same quarter in the previous year, the business posted $2.30 EPS. On average, equities analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 2.5%. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank's payout ratio is presently 27.76%.

Insider Buying and Selling at SouthState Bank

In other news, CFO William E. V. Matthews sold 4,000 shares of the company's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David R. Brooks sold 24,650 shares of the stock in a transaction dated 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 transaction, the director directly owned 7,900 shares in the company, valued at $869,000. This trade represents a 75.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 34,831 shares of company stock valued at $3,814,274. Insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on SSB shares. Truist Financial boosted their price target on shares of SouthState Bank from $108.00 to $118.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Citigroup increased their price objective on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. TD Cowen lifted their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. UBS Group lowered shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price on the stock. in a report on Tuesday, July 7th. Finally, Piper Sandler upped their price target on shares of SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, SouthState Bank has an average rating of "Buy" and an average 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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