First National Bank of Omaha Purchases Shares of 154,272 SouthState Bank Corporation $SSB

Key Points

• First National Bank of Omaha acquired 154,272 SouthState Bank shares worth approximately $15.4 million, while institutional investors collectively own 89.76% of the company.
• Analysts maintain a favorable outlook, with SouthState rated a consensus “Buy” and an average price target of $119.64; recent targets range from $112 to $125.
• SouthState exceeded quarterly EPS expectations ($2.35 versus $2.31) and raised its quarterly dividend to $0.66, equating to a 2.4% annualized yield.

First National Bank of Omaha acquired a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 154,272 shares of the company's stock, valued at approximately $15,420,000. First National Bank of Omaha owned 0.16% of SouthState Bank as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Jane Street Group LLC increased its position in shares of SouthState Bank by 4.6% in the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock valued at $7,703,000 after purchasing an additional 3,678 shares during the last quarter. M&T Bank Corp purchased a new position in SouthState Bank in the second quarter valued at $245,000. Arrowstreet Capital Limited Partnership raised its stake in SouthState Bank by 1,801.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock valued at $5,825,000 after buying an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $176,000 after buying an additional 452 shares in the last quarter. Finally, Jump Financial LLC purchased a new stake in SouthState Bank during the 2nd quarter worth about $919,000. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other SouthState Bank news, 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 value of $2,711,500.00. Following the completion of the transaction, 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 this link. Insiders own 1.70% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on SSB. Hovde Group boosted their target price on SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Weiss Ratings upgraded shares of SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 14th. 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. Barclays cut their price target on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock in a research note on Tuesday, July 7th. Finally, JPMorgan Chase & Co. boosted their target price on SouthState Bank from $115.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. 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 company's stock. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of "Buy" and a consensus target price of $119.64.

SouthState Bank Trading Down 0.6%

SouthState Bank stock opened at $110.17 on Wednesday. The stock has a 50-day moving average price of $102.81 and a 200 day moving average price of $98.94. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The stock has a market cap of $10.68 billion, a PE ratio of 11.58 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06.

SouthState Bank (NYSE:SSB - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.31 by $0.04. The company had revenue of $672.67 million for 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 period in the prior year, the firm earned $2.30 EPS. Equities research analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Friday, August 7th. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's dividend payout ratio is presently 27.76%.

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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