First Trust Advisors LP Has $87.16 Million Position in SouthState Bank Corporation $SSB

Key Points

• First Trust Advisors increased its stake in SouthState by 16.4% to 881,509 shares (about $87.16M), and institutional investors now own roughly 89.8% of the company with several other large new or expanded stakes reported (Laurel Wealth, Norges Bank, Qube, Jane Street, Invesco).
• SouthState beat quarterly estimates—EPS $2.47 vs. $2.30 expected and revenue $686.9M vs. $667.9M—and pays a $0.60 quarterly dividend (annualized $2.40, ~2.6% yield).
• Analysts have lifted ratings and targets (multiple Buy/Strong Buy actions), leaving a consensus "Buy" with a $118.71 target while the stock trades near $93.82, market cap ~$9.2B and P/E ~11.94.

First Trust Advisors LP grew its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 16.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 881,509 shares of the company's stock after purchasing an additional 124,417 shares during the period. First Trust Advisors LP owned approximately 0.88% of SouthState Bank worth $87,155,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Laurel Wealth Advisors LLC grew its holdings in shares of SouthState Bank by 9,074.2% during the second quarter. Laurel Wealth Advisors LLC now owns 1,435,668 shares of the company's stock valued at $132,125,000 after buying an additional 1,420,019 shares in the last quarter. Norges Bank purchased a new stake in SouthState Bank in the 2nd quarter worth about $109,029,000. Qube Research & Technologies Ltd acquired a new stake in SouthState Bank during the 2nd quarter worth about $81,769,000. Jane Street Group LLC boosted its position in SouthState Bank by 810.7% during the 2nd quarter. Jane Street Group LLC now owns 755,705 shares of the company's stock worth $69,548,000 after acquiring an additional 672,721 shares during the period. Finally, Invesco Ltd. grew its stake in SouthState Bank by 90.8% during the 2nd quarter. Invesco Ltd. now owns 1,173,003 shares of the company's stock valued at $107,951,000 after acquiring an additional 558,252 shares in the last quarter. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Bank Stock Down 0.8%

SouthState Bank stock opened at $93.82 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a fifty-two week low of $77.74 and a fifty-two week high of $108.46. The firm has a fifty day moving average price of $100.31 and a two-hundred day moving average price of $97.00. The firm has a market cap of $9.20 billion, a price-to-earnings ratio of 11.94 and a beta of 0.73.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings data on Thursday, January 22nd. The company reported $2.47 EPS for the quarter, topping analysts' consensus estimates of $2.30 by $0.17. SouthState Bank had a return on equity of 10.86% and a net margin of 21.26%.The business had revenue of $686.87 million for the quarter, compared to analyst estimates of $667.88 million. During the same period in the previous year, the company posted $1.93 earnings per share.

SouthState Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, February 6th were issued a $0.60 dividend. The ex-dividend date of this dividend was Friday, February 6th. This represents a $2.40 dividend on an annualized basis and a yield of 2.6%. SouthState Bank's dividend payout ratio (DPR) is 30.53%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on SSB shares. Raymond James Financial upped their target price on SouthState Bank from $110.00 to $115.00 and gave the company a "strong-buy" rating in a report on Wednesday, January 7th. DA Davidson raised their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, February 5th. Weiss Ratings raised shares of SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, January 26th. Jefferies Financial Group upped their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the company a "buy" rating in a research note on Monday, February 2nd. Finally, JPMorgan Chase & Co. began coverage on shares of SouthState Bank in a research note on Friday, December 12th. They set an "overweight" rating and a $115.00 target price for the company. Two research analysts have 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, the stock has a consensus rating of "Buy" and a consensus target price of $118.71.

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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