Polaris Capital Management LLC Makes New $2.91 Million Investment in SouthState Bank Corporation $SSB

Key Points

• Polaris Capital Management acquired 29,161 SouthState Bank shares worth approximately $2.91 million, while institutional investors overall own 89.76% of the company.
• SouthState Bank reported quarterly EPS of $2.35, beating estimates by $0.04, and increased its quarterly dividend from $0.60 to $0.66 per share, producing a 2.4% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $119.64, although director David R. Brooks sold 24,650 shares for $2.71 million.

Polaris Capital Management LLC acquired a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 29,161 shares of the company's stock, valued at approximately $2,913,000.

Other institutional investors have also recently made changes to their positions in the company. Jane Street Group LLC boosted its position in 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 buying an additional 3,678 shares during the period. M&T Bank Corp purchased a new stake in shares of SouthState Bank during the second quarter worth $245,000. Arrowstreet Capital Limited Partnership raised its stake in shares of SouthState Bank by 1,801.2% in the second quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock valued at $5,825,000 after acquiring an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of SouthState Bank by 31.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $176,000 after acquiring an additional 452 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in SouthState Bank in the second quarter valued at $919,000. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Bank Price Performance

Shares of SSB opened at $110.98 on Friday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $111.74. The company has a market capitalization of $10.76 billion, a price-to-earnings ratio of 11.67 and a beta of 0.71. The firm has a 50-day simple moving average of $101.87 and a 200-day simple moving average of $98.73. 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 (NYSE:SSB - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.04. The firm had revenue of $672.67 million for the quarter, compared to analysts' expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same quarter in the previous year, the firm posted $2.30 EPS. On average, equities research analysts anticipate that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be paid a $0.66 dividend. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. The ex-dividend date is Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.4%. SouthState Bank's dividend payout ratio (DPR) is 27.76%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SSB shares. Truist Financial upped their price target on SouthState Bank from $108.00 to $118.00 and gave the stock a "buy" rating in a report on Tuesday, July 28th. Hovde Group boosted their price objective on SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. TD Cowen upped their target price on shares of SouthState Bank from $114.00 to $120.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. UBS Group cut shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price on the stock. in a report on Tuesday, July 7th. Finally, Fundamental Research set a $120.00 price target on shares of SouthState Bank in a report on Wednesday, July 1st. One 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. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $119.64.

Insider Activity

In other news, Director David R. Brooks sold 24,650 shares of the company's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total transaction of $2,711,500.00. Following the completion of the sale, the director owned 7,900 shares in the company, valued at $869,000. This represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 1.70% of the company's stock.

SouthState Bank Company 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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