BW Gestao de Investimentos Ltda. Invests $11.76 Million in SouthState Bank Corporation $SSB

Key Points

• BW Gestao de Investimentos Ltda. opened a new position in SouthState Bank, buying 125,005 shares worth about $11.76 million in the fourth quarter.
• SouthState Bank reported Q1 earnings of $2.28 per share, topping analyst expectations of $2.21, while revenue came in slightly below estimates at $661.7 million.
• The company paid a quarterly dividend of $0.60 per share, implying an annualized yield of 2.6%; analysts currently rate the stock a consensus Buy with an average price target of $118.62.

BW Gestao de Investimentos Ltda. bought a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 125,005 shares of the company's stock, valued at approximately $11,764,000. BW Gestao de Investimentos Ltda. owned approximately 0.12% of SouthState Bank at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SSB. Norges Bank acquired a new position in shares of SouthState Bank in the 4th quarter worth approximately $125,940,000. AQR Capital Management LLC raised 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 buying an additional 889,042 shares in the last quarter. Jane Street Group LLC increased its holdings in SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock valued at $69,548,000 after purchasing an additional 672,721 shares in the last quarter. Invesco Ltd. increased its holdings in SouthState Bank by 35.6% during the 3rd quarter. Invesco Ltd. now owns 1,591,034 shares of the company's stock valued at $157,306,000 after purchasing an additional 418,031 shares in the last quarter. Finally, Algebris UK Ltd. increased its holdings in SouthState Bank by 199.4% during the 4th quarter. Algebris UK Ltd. now owns 522,594 shares of the company's stock valued at $49,204,000 after purchasing an additional 348,022 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This trade represents a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.70% of the company's stock.

SouthState Bank Stock Down 2.4%

Shares of SSB opened at $92.49 on Tuesday. The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of 9.98 and a beta of 0.70. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The business's fifty day moving average price is $95.02 and its two-hundred day moving average price is $95.96. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating analysts' consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same period last year, the company earned $0.87 EPS. On average, analysts predict that SouthState Bank Corporation will post 9.49 earnings per share for the current year.

SouthState Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 8th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date was Friday, May 8th. SouthState Bank's dividend payout ratio (DPR) is presently 25.89%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SSB. Weiss Ratings cut SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, May 26th. Wall Street Zen raised SouthState Bank from a "sell" rating to a "hold" rating in a report on Sunday, May 17th. Hovde Group raised their price target on SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a report on Monday, April 27th. Truist Financial dropped their price target on SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a report on Monday, April 27th. Finally, TD Cowen dropped their price target on SouthState Bank from $117.00 to $114.00 and set a "buy" rating for the company in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $118.62.

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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