Man Group plc Purchases Shares of 20,715 SouthState Bank Corporation $SSB

Key Points

• Man Group acquired 20,715 SouthState Bank shares during the second quarter, valued at approximately $2.07 million. Institutional investors own 89.76% of the company, with several other major investors also establishing new positions.
• Analysts maintain a favorable outlook, with an average rating of “Buy” and a consensus price target of $119.64, above the reported share price of $103.96.
• SouthState Bank beat quarterly earnings expectations with $2.35 EPS, while increasing its quarterly dividend from $0.60 to $0.66 per share. However, company insiders sold 34,831 shares worth approximately $3.81 million over the past three months.

Man Group plc acquired a new position in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,715 shares of the company's stock, valued at approximately $2,069,000.

A number of other large investors have also recently made changes to their positions in SSB. Jupiter Topco LLC acquired a new position in shares of SouthState Bank during the second quarter valued at about $4,454,000. Hsbc Holdings PLC acquired a new position in SouthState Bank during the 2nd quarter valued at about $3,039,000. Canada Pension Plan Investment Board bought a new stake in SouthState Bank during the 2nd quarter worth approximately $809,000. Legal & General Group Plc purchased a new stake in shares of SouthState Bank in the second quarter worth approximately $12,535,000. Finally, The Manufacturers Life Insurance Company bought a new position in shares of SouthState Bank in the second quarter valued at approximately $85,467,000. 89.76% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on SSB. Stephens reissued an "overweight" rating and issued a $116.00 price target on shares of SouthState Bank in a research report on Monday, July 27th. Weiss Ratings upgraded shares of SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a report on Tuesday, July 14th. Barclays dropped their price target on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock in a research report on Tuesday, July 7th. Piper Sandler lifted their target price on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Finally, TD Cowen upped their target price on SouthState Bank from $114.00 to $120.00 and gave the company a "buy" rating in a 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 issued a Hold rating to the company. According to data from MarketBeat, SouthState Bank currently has an average rating of "Buy" and a consensus price target of $119.64.

SouthState Bank Stock Performance

Shares of SSB stock opened at $103.96 on Wednesday. The firm has a market cap of $10.08 billion, a price-to-earnings ratio of 10.93 and a beta of 0.72. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $112.20. The firm's 50-day simple moving average is $104.56 and its two-hundred day simple moving average is $99.02.

SouthState Bank (NYSE:SSB - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating 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 during the quarter, compared to the consensus estimate of $676.83 million. During the same period in the prior year, the firm earned $2.30 EPS. As a group, equities analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 2.5%. This is a positive change from SouthState Bank's previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Friday, August 7th. SouthState Bank's dividend payout ratio is currently 27.76%.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the business's stock in a transaction 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 sale, the director directly owned 7,900 shares in the company, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of the company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total value of $435,720.00. Following the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This represents a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 34,831 shares of company stock valued at $3,814,274 over the last three months. 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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