Goldman Sachs Group Inc. Purchases 167,608 Shares of SouthState Bank Corporation $SSB

Key Points

• Goldman Sachs increased its SouthState Bank stake by 17.1% in the fourth quarter, buying 167,608 additional shares and bringing its holdings to about 1.15 million shares worth roughly $107.9 million.
• Institutional interest in SouthState Bank remains strong, with several other investors adding or opening positions and 89.76% of the stock now held by institutions.
• Analysts are broadly positive on the bank: the stock has an average “Buy” rating and a consensus price target of $118.62, while the company recently beat quarterly EPS estimates and pays a 2.5% dividend yield.

Goldman Sachs Group Inc. grew its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 17.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,146,955 shares of the company's stock after purchasing an additional 167,608 shares during the quarter. Goldman Sachs Group Inc. owned approximately 1.14% of SouthState Bank worth $107,940,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. AXQ Capital LP bought a new position in shares of SouthState Bank in the fourth quarter valued at about $926,000. Angel Oak Capital Advisors LLC raised its position in shares of SouthState Bank by 53.8% in the fourth quarter. Angel Oak Capital Advisors LLC now owns 8,000 shares of the company's stock valued at $753,000 after purchasing an additional 2,800 shares during the period. BW Gestao de Investimentos Ltda. bought a new position in shares of SouthState Bank in the fourth quarter valued at about $11,764,000. Impact Partnership Wealth LLC bought a new position in shares of SouthState Bank in the fourth quarter valued at about $200,000. Finally, Norges Bank bought a new position in shares of SouthState Bank in the fourth quarter valued at about $125,940,000. 89.76% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Weiss Ratings lowered shares of SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, May 26th. Barclays dropped their price objective on shares of SouthState Bank from $126.00 to $123.00 and set an "overweight" rating on the stock in a research report on Monday, April 27th. TD Cowen dropped their price objective on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. JPMorgan Chase & Co. raised their price target on shares of SouthState Bank from $110.00 to $115.00 and gave the stock an "overweight" rating in a research report on Thursday, May 21st. Finally, Hovde Group raised their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. One 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, the company currently has an average rating of "Buy" and an average price target of $118.62.

SouthState Bank Price Performance

NYSE:SSB opened at $95.60 on Wednesday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $108.46. The firm has a market cap of $9.34 billion, a price-to-earnings ratio of 10.31 and a beta of 0.70. The firm's 50-day simple moving average is $95.48 and its 200 day simple moving average is $96.25. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping analysts' consensus estimates of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. During the same period last year, the firm earned $0.87 earnings per share. As a group, sell-side analysts predict that SouthState Bank Corporation will post 9.49 earnings per share for the current year.

SouthState Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were given a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank's dividend payout ratio (DPR) is currently 25.89%.

Insider Buying and Selling

In other SouthState Bank news, Director David R. Brooks sold 14,300 shares of the stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director directly owned 12,700 shares in the company, valued at $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate 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.

Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Bank Corporation (NYSE:SSB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.