Maltese Capital Management LLC Boosts Holdings in SouthState Bank Corporation $SSB

Key Points

• Maltese Capital Management increased its SouthState Bank stake by 31.2% in the fourth quarter, adding 44,500 shares to bring its total to 187,000 shares. The position is now the firm’s largest holding, worth about $17.6 million.
• Institutional ownership remains very high, with 89.76% of SouthState Bank shares held by institutions and hedge funds. Several other big investors, including Vanguard, UBS, JPMorgan, and FJ Capital, also boosted their positions.
• SouthState Bank’s fundamentals and analyst sentiment remain supportive: the company beat quarterly EPS estimates, pays a $0.60 quarterly dividend yielding 2.5%, and analysts currently rate the stock a consensus Buy with a target price of $118.62.

Maltese Capital Management LLC increased its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 31.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 187,000 shares of the company's stock after acquiring an additional 44,500 shares during the period. SouthState Bank comprises about 3.1% of Maltese Capital Management LLC's investment portfolio, making the stock its biggest position. Maltese Capital Management LLC owned 0.19% of SouthState Bank worth $17,599,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. FJ Capital Management LLC boosted its position in shares of SouthState Bank by 54.0% during the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company's stock valued at $76,515,000 after acquiring an additional 285,091 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of SouthState Bank by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 381,059 shares of the company's stock valued at $37,675,000 after acquiring an additional 16,974 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of SouthState Bank by 1.2% during the 3rd quarter. Vanguard Group Inc. now owns 10,775,431 shares of the company's stock valued at $1,065,367,000 after acquiring an additional 130,358 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in shares of SouthState Bank by 350.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company's stock valued at $2,100,000 after acquiring an additional 17,365 shares in the last quarter. Finally, UBS Group AG boosted its position in shares of SouthState Bank by 23.5% during the 4th quarter. UBS Group AG now owns 568,441 shares of the company's stock valued at $53,496,000 after acquiring an additional 108,192 shares in the last quarter. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other SouthState Bank 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 transaction, the director directly owned 12,700 shares in the company, valued at $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.70% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. DA Davidson reiterated a "buy" rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. Barclays decreased their target price 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. Truist Financial decreased their target price on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. 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. Finally, Hovde Group lifted their target price on shares of SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $118.62.

SouthState Bank Price Performance

NYSE:SSB opened at $97.37 on Tuesday. The firm has a market cap of $9.51 billion, a PE ratio of 10.50 and a beta of 0.70. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month 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 company's 50-day moving average price is $95.88 and its two-hundred day moving average price is $96.52.

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, 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 $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same period in the previous year, the business earned $0.87 earnings per share. On average, equities analysts anticipate that SouthState Bank Corporation will post 9.5 EPS for the current fiscal year.

SouthState Bank Announces Dividend

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

SouthState Bank Profile

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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