Corient Private Wealth LP Acquires 20,018 Shares of SouthState Bank Corporation $SSB

Key Points

• Corient Private Wealth LP increased its SouthState Bank stake by 490.3% in the second quarter, acquiring 20,018 additional shares and bringing its holdings to 24,101 shares worth approximately $2.41 million. Institutional investors collectively own 89.76% of the stock.
• Analysts maintain a favorable outlook, with an average rating of “Buy” and a consensus price target of $119.64, compared with the reported share price of $102.49.
• SouthState Bank beat quarterly earnings expectations with EPS of $2.35 versus $2.31 forecast and increased its quarterly dividend to $0.66 from $0.60. However, insiders sold 34,831 shares worth about $3.81 million over the past three months.

Corient Private Wealth LP boosted its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 490.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,101 shares of the company's stock after acquiring an additional 20,018 shares during the period. Corient Private Wealth LP's holdings in SouthState Bank were worth $2,408,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in SouthState Bank during the 2nd quarter valued at about $28,000. Root Financial Partners LLC increased its stake in SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company's stock valued at $39,000 after purchasing an additional 210 shares in the last quarter. FNY Investment Advisers LLC bought a new position in SouthState Bank in the 2nd quarter valued at approximately $50,000. GHP Investment Advisors Inc. purchased a new stake in SouthState Bank during the 1st quarter valued at $52,000. Finally, Trust Co. of Vermont purchased a new stake in SouthState Bank during the 2nd quarter valued at $65,000. 89.76% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on SSB shares. TD Cowen upped their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. UBS Group cut SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price target on the stock. in a report on Tuesday, July 7th. Piper Sandler upped their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Weiss Ratings upgraded SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 14th. Finally, Barclays reduced their target price on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a report on Tuesday, July 7th. One 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 stock. Based on data from MarketBeat, SouthState Bank currently has an average rating of "Buy" and a consensus price target of $119.64.

SouthState Bank Price Performance

Shares of SouthState Bank stock opened at $102.49 on Wednesday. The company has a market capitalization of $9.94 billion, a price-to-earnings ratio of 10.78 and a beta of 0.72. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06. The stock's 50-day simple moving average is $106.17 and its 200-day simple moving average is $99.39. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. The business had revenue of $672.67 million during the quarter, compared to analyst estimates 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 last year, the business earned $2.30 earnings per share. As a group, analysts expect that SouthState Bank Corporation will post 9.47 earnings per share for the current fiscal 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 issued a $0.66 dividend. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank's dividend payout ratio is 27.76%.

Insiders Place Their Bets

In other SouthState Bank news, Director David Brooks sold 24,650 shares of SouthState Bank stock in a transaction that occurred on 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 directly owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. This trade represents a 8.98% 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 worth $3,814,274 over the last three months. Corporate insiders own 1.70% of the company's stock.

SouthState Bank Company Profile

SouthState Bank is the principal banking subsidiary of SouthState Corporation NYSE: SSB, a regional financial institution headquartered in Winter Haven, Florida. The bank provides banking and financial services to individuals, families, businesses and institutions through a network of branches and digital banking channels.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit cards, treasury management, cash management and online and mobile banking.

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