Norges Bank Takes Position in SouthState Bank Corporation $SSB

Key Points

• Norges Bank opened a new position in SouthState Bank, buying 1,338,219 shares valued at about $125.9 million and owning roughly 1.33% of the company.
• SouthState Bank reported better-than-expected quarterly earnings of $2.28 per share, topping analyst estimates, while revenue came in slightly below expectations.
• The bank recently paid a quarterly dividend of $0.60 per share, implying an annualized yield of about 2.5%, and Wall Street currently holds a Buy consensus on the stock.

Norges Bank acquired a new position in SouthState Bank Corporation (NYSE:SSB - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 1,338,219 shares of the company's stock, valued at approximately $125,940,000. Norges Bank owned approximately 1.33% of SouthState Bank as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its holdings in shares of SouthState Bank by 4.7% in 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 during the period. Vanguard Group Inc. lifted its stake 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 worth $1,065,367,000 after purchasing an additional 130,358 shares during the last quarter. Ashton Thomas Private Wealth LLC purchased a new stake in shares of SouthState Bank during the 3rd quarter worth $1,465,000. Daytona Street Capital LLC bought a new stake in SouthState Bank during the fourth quarter valued at about $1,054,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in SouthState Bank by 350.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company's stock valued at $2,100,000 after purchasing an additional 17,365 shares during the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Bank Trading Up 3.0%

SouthState Bank stock opened at $94.98 on Friday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 0.92 and a current ratio of 0.93. The stock has a market cap of $9.28 billion, a PE ratio of 10.25 and a beta of 0.70. The stock has a 50-day moving average of $95.23 and a two-hundred day moving average of $96.05. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share for the quarter, topping analysts' consensus estimates of $2.21 by $0.07. The business had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.During the same quarter in the previous year, the firm earned $0.87 earnings per share. On average, research analysts anticipate that SouthState Bank Corporation will post 9.49 EPS for the current fiscal year.

SouthState Bank Announces Dividend

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

Wall Street Analysts Forecast Growth

SSB has been the subject of a number of recent research reports. Truist Financial reduced their target price on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a report on Monday, April 27th. Hovde Group raised their price target on shares of SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a 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 note on Tuesday, May 26th. Wall Street Zen raised shares of SouthState Bank from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. Finally, JPMorgan Chase & Co. raised their target price on shares of SouthState Bank from $110.00 to $115.00 and gave the company an "overweight" rating in a research note on Thursday, May 21st. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $118.62.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the business's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the sale, the director directly owned 12,700 shares of the company's stock, valued at $1,249,553. The trade was a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.70% of the company's stock.

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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