Cibc World Market Inc. Takes Position in SouthState Bank Corporation $SSB

Key Points

• CIBC World Market purchased 18,249 shares of SouthState Bank worth approximately $1.82 million in the second quarter. Institutional investors now own 89.76% of the company, with BlackRock, Norges Bank and Bank of New York Mellon among other major investors adding positions.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $119.64. SouthState reported quarterly EPS of $2.35, exceeding expectations of $2.31, while revenue came in slightly below estimates.
• SouthState increased its quarterly dividend to $0.66 per share, representing an annualized payout of $2.64 and a 2.5% yield. Meanwhile, company insiders sold approximately $3.81 million of stock over the past 90 days.

Cibc World Market Inc. purchased a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 18,249 shares of the company's stock, valued at approximately $1,823,000.

A number of other large investors also recently bought and sold shares of SSB. BlackRock Inc. acquired a new stake in SouthState Bank in the second quarter valued at approximately $981,557,000. Norges Bank acquired a new position in shares of SouthState Bank during the 4th quarter worth approximately $125,940,000. Bank of New York Mellon Corp acquired a new position in shares of SouthState Bank during the 2nd quarter worth approximately $130,419,000. AQR Capital Management LLC raised its stake in shares of SouthState Bank by 269.4% during 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 during the period. Finally, Jane Street Group LLC lifted its position in shares of 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 buying an additional 672,721 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

Analyst Upgrades and Downgrades

SSB has been the topic of a number of research analyst reports. Citigroup lifted their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. DA Davidson restated a "buy" rating and set a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday, June 10th. Wall Street Zen downgraded shares of SouthState Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Barclays dropped their target price on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 7th. Finally, Stephens reissued an "overweight" rating and set a $116.00 target price on shares of SouthState Bank in a research note on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $119.64.

SouthState Bank Stock Performance

NYSE SSB opened at $106.09 on Friday. 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 stock's 50 day simple moving average is $104.12 and its 200-day simple moving average is $99.03. The company has a market cap of $10.29 billion, a PE ratio of 11.16 and a beta of 0.71. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $112.20.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings results 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 during the quarter, compared to analysts' expectations of $676.83 million. During the same period in the previous year, the business earned $2.30 earnings per share. As a group, equities research analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

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

Insiders Place Their Bets

In other news, CFO William E. V. 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 completion of 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David R. Brooks sold 24,650 shares of the stock in a transaction dated 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 sale, the director owned 7,900 shares of the company's stock, valued at $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 34,831 shares of company stock valued at $3,814,274 in the last ninety days. Insiders own 1.70% of the company's stock.

SouthState Bank Company 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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