Edgestream Partners L.P. Reduces Stake in SouthState Bank Corporation $SSB

Key Points

• Edgestream Partners cut its SouthState Bank stake by 56% in the first quarter, selling 27,184 shares and retaining 21,399 shares valued at approximately $1.98 million. Institutional investors collectively own 89.76% of the company.
• SouthState Bank exceeded quarterly EPS expectations, reporting $2.35 per share versus the $2.31 consensus estimate, while revenue of $672.67 million fell slightly short of forecasts.
• The company raised its quarterly dividend from $0.60 to $0.66 per share, equivalent to a 2.5% annualized yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $119.64.

Edgestream Partners L.P. reduced its stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 56.0% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 21,399 shares of the company's stock after selling 27,184 shares during the period. Edgestream Partners L.P.'s holdings in SouthState Bank were worth $1,980,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the company. Root Financial Partners LLC grew its holdings 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 purchasing an additional 210 shares during the period. Measured Wealth Private Client Group LLC bought a new stake in shares of SouthState Bank in the third quarter valued at $51,000. GHP Investment Advisors Inc. bought a new stake in shares of SouthState Bank in the first quarter valued at $52,000. Danske Bank A S purchased a new position in shares of SouthState Bank during the 3rd quarter valued at $59,000. Finally, Harbour Investments Inc. purchased a new position in shares of SouthState Bank during the 4th quarter valued at $68,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $105.19 on Monday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.93 and a current ratio of 0.93. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $108.46. The stock has a market cap of $10.27 billion, a PE ratio of 11.06 and a beta of 0.71. The stock has a fifty day moving average of $99.18 and a 200-day moving average of $98.06.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The business had revenue of $672.67 million for the quarter, compared to analysts' expectations of $676.83 million. During the same quarter in the prior year, the firm posted $2.30 EPS. Equities research analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, August 7th will be given a dividend of $0.66 per share. This is a boost from SouthState Bank's previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date is Friday, August 7th. SouthState Bank's dividend payout ratio (DPR) is currently 25.24%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. TD Cowen lifted their price objective on SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Citigroup increased their target price on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. UBS Group lowered shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price for the company. in a research report on Tuesday, July 7th. Piper Sandler lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Finally, Fundamental Research set a $120.00 price target on shares of SouthState Bank in a research report on Wednesday, July 1st. One research 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 has an average rating of "Moderate Buy" and an average target price of $119.64.

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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