Fisher Asset Management LLC Increases Stake in SouthState Bank Corporation $SSB

Key Points

• Fisher Asset Management increased its SouthState Bank stake by 2.5% in the fourth quarter, bringing its holdings to 622,396 shares valued at about $58.6 million.
• SouthState Bank reported better-than-expected quarterly earnings of $2.28 per share, beating analyst estimates, while revenue came in slightly below expectations. Analysts still broadly rate the stock a Buy with an average target price of $118.62.
• The bank paid a quarterly dividend of $0.60 per share, equal to a 2.5% annualized yield, while an insider sale by Director David R. Brooks reduced his position by more than half.

Fisher Asset Management LLC lifted its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 2.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 622,396 shares of the company's stock after purchasing an additional 15,142 shares during the quarter. Fisher Asset Management LLC owned about 0.62% of SouthState Bank worth $58,574,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Covestor Ltd raised its position in SouthState Bank by 385.1% during the 3rd quarter. Covestor Ltd now owns 490 shares of the company's stock worth $49,000 after buying an additional 389 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new stake in shares of SouthState Bank during the 3rd quarter worth approximately $51,000. State of Wyoming grew its stake in shares of SouthState Bank by 356.0% during the 3rd quarter. State of Wyoming now owns 570 shares of the company's stock worth $56,000 after purchasing an additional 445 shares during the period. Ameritas Advisory Services LLC acquired a new stake in shares of SouthState Bank during the 3rd quarter worth approximately $57,000. Finally, Danske Bank A S acquired a new stake in shares of SouthState Bank during the 3rd quarter worth approximately $59,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Stock Up 1.0%

NYSE SSB opened at $95.50 on Wednesday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The company has a quick ratio of 0.92, a current ratio of 0.93 and a debt-to-equity ratio of 0.04. The business's fifty day simple moving average is $94.68 and its 200-day simple moving average is $95.79. The firm has a market cap of $9.33 billion, a PE ratio of 10.30 and a beta of 0.72.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. During the same quarter in the previous year, the firm earned $0.87 EPS. As a group, equities analysts anticipate that SouthState Bank Corporation will post 9.48 earnings per share for the current year.

SouthState Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date was Friday, May 8th. SouthState Bank's payout ratio is 25.89%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Hovde Group lifted their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. Barclays dropped their price target on shares of SouthState Bank from $126.00 to $123.00 and set an "overweight" rating on the stock in a research note on Monday, April 27th. Jefferies Financial Group lifted their price target 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. DA Davidson lifted their price target on shares of SouthState Bank from $119.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, February 5th. Finally, JPMorgan Chase & Co. lifted their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the company an "overweight" rating in a research note on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $118.62.

Insider Transactions at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of the business's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the sale, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.70% of the company's stock.

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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