BlackRock Inc. Invests $981.56 Million in SouthState Bank Corporation $SSB

Key Points

• BlackRock acquired a new 9.83 million-share stake in SouthState Bank worth approximately $981.6 million, giving it a 10.13% ownership position. Institutional investors collectively own 89.76% of the company.
• SouthState Bank reported quarterly EPS of $2.35, exceeding estimates of $2.31, while revenue of $672.67 million fell slightly short of consensus. The bank increased its quarterly dividend from $0.60 to $0.66 per share, producing a 2.5% yield.
• Analysts maintain a consensus “Buy” rating with an average price target of $119.64 versus the stock’s reported price of $106.86. However, insiders sold 34,831 shares worth $3.81 million over the past three months.

BlackRock Inc. acquired a new stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 9,825,398 shares of the company's stock, valued at approximately $981,557,000. BlackRock Inc. owned about 10.13% of SouthState Bank at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SSB. Norges Bank acquired a new stake in shares of SouthState Bank during the 4th quarter valued at about $125,940,000. Bank of New York Mellon Corp purchased a new position in SouthState Bank in the second quarter worth approximately $130,419,000. AQR Capital Management LLC lifted its holdings in shares of SouthState Bank by 269.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company's stock worth $120,530,000 after acquiring an additional 889,042 shares during the last quarter. Jane Street Group LLC raised its holdings in shares of SouthState Bank by 810.7% in the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock valued at $69,548,000 after buying an additional 672,721 shares during the period. Finally, Deprince Race & Zollo Inc. lifted its position in shares of SouthState Bank by 346.0% during the first quarter. Deprince Race & Zollo Inc. now owns 728,548 shares of the company's stock worth $67,405,000 after purchasing an additional 565,196 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Bank Price Performance

SouthState Bank stock opened at $106.86 on Friday. The stock has a market capitalization of $10.36 billion, a P/E ratio of 11.24 and a beta of 0.71. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month 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. The firm's 50-day moving average is $103.35 and its two-hundred day moving average is $99.05.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (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 the consensus estimate 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. 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 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. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's payout ratio is currently 27.76%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SSB shares. Wall Street Zen downgraded shares of SouthState Bank from a "hold" rating to a "sell" rating in a research note on Saturday, July 25th. Stephens reaffirmed an "overweight" rating and issued a $116.00 target price on shares of SouthState Bank in a report on Monday, July 27th. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a research report on Wednesday, July 1st. TD Cowen raised their price objective on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Finally, Truist Financial lifted their price objective on shares of SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat, SouthState Bank presently has a consensus rating of "Buy" and an average price target of $119.64.

Insider Activity at SouthState Bank

In other news, CFO William E. V. Matthews sold 4,000 shares of the business'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 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David R. Brooks sold 24,650 shares of the company's stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the sale, the director owned 7,900 shares of the company's stock, valued at approximately $869,000. The trade was a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 34,831 shares of company stock worth $3,814,274 over the last three months. 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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