Hsbc Holdings PLC Sells 79,948 Shares of SouthState Bank Corporation $SSB

Key Points

• Hsbc Holdings PLC cut its SouthState Bank stake by 68.5% in the fourth quarter, selling 79,948 shares and leaving it with 36,799 shares worth about $3.47 million.
• SouthState Bank reported better-than-expected quarterly earnings of $2.28 per share, topping estimates by $0.07, though revenue came in slightly below forecasts.
• The bank continues to return cash to shareholders with a quarterly dividend of $0.60 per share, equating to a 2.4% annualized yield.

Hsbc Holdings PLC trimmed its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 68.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 36,799 shares of the company's stock after selling 79,948 shares during the period. Hsbc Holdings PLC's holdings in SouthState Bank were worth $3,465,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of SSB. Jane Street Group LLC boosted its stake 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 in the last quarter. M&T Bank Corp acquired a new stake in shares of SouthState Bank during the 2nd quarter worth about $245,000. Arrowstreet Capital Limited Partnership increased its position in shares of SouthState Bank by 1,801.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock worth $5,825,000 after purchasing an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in SouthState Bank by 31.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $176,000 after purchasing an additional 452 shares during the last quarter. Finally, Jump Financial LLC bought a new position in SouthState Bank during the 2nd quarter valued at about $919,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Stock Performance

SSB stock opened at $99.61 on Friday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. The company has a 50 day moving average price of $96.56 and a 200 day moving average price of $97.27. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $108.46. The stock has a market capitalization of $9.73 billion, a PE ratio of 10.75 and a beta of 0.70.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating analysts' consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.28 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same period last year, the company earned $0.87 EPS. Analysts forecast that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were issued a $0.60 dividend. The ex-dividend date was Friday, May 8th. This represents a $2.40 annualized dividend and a yield of 2.4%. SouthState Bank's dividend payout ratio (DPR) is currently 25.89%.

Analyst Upgrades and Downgrades

SSB has been the topic of several research analyst reports. Weiss Ratings cut shares of SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, May 26th. TD Cowen cut their target price on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating for the company in a research note on Monday, April 27th. DA Davidson reissued a "buy" rating and issued a $125.00 target price on shares of SouthState Bank in a report on Wednesday, June 10th. Wall Street Zen upgraded SouthState Bank from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Finally, Truist Financial dropped their price target on SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank has an average rating of "Moderate Buy" and an average price target of $117.50.

Insider Transactions at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total value of $1,406,977.00. Following the completion of the sale, the director directly owned 12,700 shares in the company, valued at $1,249,553. This trade represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.70% of the stock is currently owned by corporate 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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