E. Ohman J or Asset Management AB Takes $3.16 Million Position in SouthState Bank Corporation $SSB

Key Points

• E. Ohman J or Asset Management AB acquired 31,618 SouthState Bank shares worth approximately $3.16 million, while institutional investors and hedge funds collectively own 89.76% of the stock.
• SouthState Bank exceeded quarterly EPS expectations, reporting $2.35 versus the $2.31 consensus estimate, with $672.67 million in revenue and a 25.09% net margin.
• The bank increased its quarterly dividend from $0.60 to $0.66 per share, producing an annualized dividend of $2.64 and a 2.4% yield; analysts maintain a “Moderate Buy” consensus with a $119.64 target.

E. Ohman J or Asset Management AB purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 31,618 shares of the company's stock, valued at approximately $3,159,000.

Other hedge funds have also bought and sold shares of the company. Root Financial Partners LLC raised its stake in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company's stock valued at $39,000 after buying an additional 210 shares in the last quarter. FNY Investment Advisers LLC acquired a new position in shares of SouthState Bank in the 2nd quarter worth approximately $50,000. Measured Wealth Private Client Group LLC acquired a new position in shares of SouthState Bank in the 3rd quarter worth approximately $51,000. GHP Investment Advisors Inc. bought a new stake in shares of SouthState Bank in the 1st quarter valued at approximately $52,000. Finally, Danske Bank A S bought a new stake in shares of SouthState Bank in the 3rd quarter valued at approximately $59,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $110.16 on Wednesday. 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 has a market capitalization of $10.68 billion, a PE ratio of 11.58 and a beta of 0.71. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $110.46. The business's fifty day moving average price is $101.19 and its two-hundred day moving average price is $98.58.

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

SouthState Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, August 7th. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's dividend payout ratio (DPR) is presently 27.76%.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Citigroup raised their price objective on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Stephens reiterated an "overweight" rating and set a $116.00 target price on shares of SouthState Bank in a research note on Monday, July 27th. 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 report on Tuesday, July 7th. Weiss Ratings upgraded shares of SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 14th. Finally, JPMorgan Chase & Co. lifted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank presently has an average rating of "Moderate Buy" and a consensus price target of $119.64.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. This represents a 75.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is owned by insiders.

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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