Maverick Capital Ltd. acquired a new stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 13,497 shares of the company's stock, valued at approximately $1,249,000.
A number of other large investors also recently bought and sold shares of the business. Root Financial Partners LLC boosted its position in SouthState Bank by 100.0% during the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company's stock valued at $39,000 after acquiring an additional 210 shares in the last quarter. Measured Wealth Private Client Group LLC purchased a new position in shares of SouthState Bank in the 3rd quarter valued at $51,000. GHP Investment Advisors Inc. bought a new position in shares of SouthState Bank in the 1st quarter worth $52,000. Danske Bank A S bought a new position in shares of SouthState Bank in the 3rd quarter worth $59,000. Finally, Harbour Investments Inc. purchased a new stake in shares of SouthState Bank during the 4th quarter worth $68,000. Institutional investors own 89.76% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages recently weighed in on SSB. Citigroup raised their price objective on SouthState Bank from $115.00 to $126.00 and gave the company a "buy" rating in a research report on Tuesday. Hovde Group increased their price target 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. JPMorgan Chase & Co. raised 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. Weiss Ratings raised shares of SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 14th. Finally, Stephens reiterated an "overweight" rating and set a $116.00 price objective on shares of SouthState Bank in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $119.64.
Read Our Latest Stock Report on SSB
SouthState Bank Stock Up 1.4%
SouthState Bank stock opened at $106.64 on Wednesday. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $108.46. The business has a fifty day moving average price of $98.51 and a 200-day moving average price of $97.90. The company has a debt-to-equity ratio of 0.11, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $10.42 billion, a price-to-earnings ratio of 11.21 and a beta of 0.70.
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, topping the consensus estimate of $2.31 by $0.04. The company had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter in the previous year, the firm earned $2.30 EPS. Equities research analysts forecast that SouthState Bank Corporation will post 9.52 EPS for the current fiscal year.
SouthState Bank Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, August 7th. This represents a $2.64 dividend on an annualized basis and a yield of 2.5%. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's payout ratio is presently 25.24%.
SouthState Bank Profile
(
Free Report)
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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