Connor Clark & Lunn Investment Management Ltd. Takes Position in SouthState Bank Corporation $SSB

Key Points

• Connor Clark & Lunn Investment Management initiated a position in SouthState Bank, purchasing 9,703 shares valued at approximately $969,000. Institutional investors and hedge funds collectively own 89.76% of the company.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and an average price target of $119.64, although one analyst downgraded the stock to “Sell.”
• SouthState Bank reported quarterly EPS of $2.35, exceeding estimates, and increased its quarterly dividend from $0.60 to $0.66 per share. Meanwhile, insiders sold 34,831 shares worth approximately $3.8 million during the quarter.

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 9,703 shares of the company's stock, valued at approximately $969,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. FJ Capital Management LLC grew its position in shares of SouthState Bank by 54.0% during the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company's stock worth $76,515,000 after purchasing an additional 285,091 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of SouthState Bank during the first quarter worth approximately $4,898,000. Geode Capital Management LLC raised its position in shares of SouthState Bank by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company's stock valued at $175,653,000 after buying an additional 85,981 shares in the last quarter. NFJ Investment Group LLC bought a new stake in shares of SouthState Bank in the fourth quarter valued at approximately $30,930,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of SouthState Bank by 350.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company's stock valued at $2,100,000 after buying an additional 17,365 shares during the period. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Piper Sandler raised their price objective on SouthState Bank from $120.00 to $125.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. DA Davidson reiterated a "buy" rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. Citigroup increased their target price on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Wall Street Zen cut SouthState Bank from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. Finally, Barclays dropped their price target on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a research note on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, SouthState Bank currently has a consensus rating of "Buy" and an average price target of $119.64.

Insider Buying and Selling

In other SouthState Bank 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 sale, the chief financial officer owned 40,568 shares of the company's stock, valued at approximately $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 can be accessed through the SEC website. Also, Director David R. Brooks sold 24,650 shares of the business's stock in a transaction on 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 sale, the director directly owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is owned by corporate insiders.

SouthState Bank Stock Performance

NYSE:SSB opened at $106.00 on Monday. The stock's 50-day simple moving average is $104.31 and its 200 day simple moving average is $99.02. The firm has a market capitalization of $10.28 billion, a PE ratio of 11.15 and a beta of 0.71. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its 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. The firm had revenue of $672.67 million during the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same quarter in the previous year, the firm earned $2.30 earnings per share. On average, analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.66 per share. The ex-dividend date was Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's dividend payout ratio is currently 27.76%.

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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