HBK Sorce Advisory LLC Buys New Holdings in SouthState Bank Corporation $SSB

Key Points

• HBK Sorce Advisory purchased 9,964 shares of SouthState Bank worth approximately $1.09 million, while institutional investors collectively own 89.76% of the company.
• Analysts maintain a broadly positive outlook, with a consensus “Buy” rating and an average price target of $119.64; recent targets range from $118 to $126.
• SouthState Bank exceeded quarterly earnings expectations with EPS of $2.35 versus $2.31 forecast, and increased its quarterly dividend from $0.60 to $0.66 per share.

HBK Sorce Advisory LLC purchased a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 9,964 shares of the company's stock, valued at approximately $1,088,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SSB. Jane Street Group LLC raised its position in shares of SouthState Bank by 4.6% during the first quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock valued at $7,703,000 after buying an additional 3,678 shares during the last quarter. M&T Bank Corp bought a new position in shares of SouthState Bank during the second quarter worth $245,000. Arrowstreet Capital Limited Partnership boosted its position in shares of SouthState Bank by 1,801.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock worth $5,825,000 after acquiring an additional 59,962 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in SouthState Bank by 31.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $176,000 after acquiring an additional 452 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in SouthState Bank during the second quarter valued at $919,000. 89.76% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on SSB. JPMorgan Chase & Co. lifted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. Fundamental Research set a $120.00 price objective on shares of SouthState Bank in a report on Wednesday, July 1st. Piper Sandler raised their price objective on SouthState Bank from $120.00 to $125.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Barclays reduced their target price on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock in a report on Tuesday, July 7th. Finally, Citigroup boosted their target price on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $119.64.

SouthState Bank Stock Performance

Shares of NYSE:SSB opened at $111.62 on Monday. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $111.79. The stock has a market capitalization of $10.82 billion, a P/E ratio of 11.74 and a beta of 0.71. The firm has a fifty day simple moving average of $102.20 and a two-hundred day simple moving average of $98.81. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.06.

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

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were paid a dividend of $0.66 per share. 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. This represents a $2.64 annualized dividend and a yield of 2.4%. SouthState Bank's payout ratio is presently 27.76%.

Insider Transactions at SouthState Bank

In other news, Director David R. Brooks sold 24,650 shares of the firm's stock in a transaction that occurred 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 sale, the director directly owned 7,900 shares of the company's stock, valued at $869,000. This trade represents a 75.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.70% of the stock is currently owned by company insiders.

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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