Quantbot Technologies LP Purchases Shares of 65,965 SouthState Bank Corporation $SSB

Key Points

• Quantbot Technologies LP acquired 65,965 SouthState Bank shares worth approximately $6.59 million, while institutional investors collectively own 89.76% of the company.
• SouthState Bank exceeded quarterly EPS estimates, reporting $2.35 versus the expected $2.31, and increased its quarterly dividend to $0.66, representing a 2.5% annualized yield.
• Analysts maintain a consensus “Buy” rating with a $119.64 target price, although insiders sold 34,831 shares worth $3.81 million over the past 90 days.

Quantbot Technologies LP purchased 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 disclosure with the SEC. The fund purchased 65,965 shares of the company's stock, valued at approximately $6,590,000. Quantbot Technologies LP owned about 0.07% of SouthState Bank as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of SouthState Bank by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company's stock valued at $1,029,315,000 after buying an additional 161,928 shares in the last quarter. BlackRock Inc. acquired a new position in SouthState Bank during the second quarter worth $981,557,000. Dimensional Fund Advisors LP raised its position in SouthState Bank by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 4,934,851 shares of the company's stock worth $456,554,000 after acquiring an additional 205,355 shares in the last quarter. Geode Capital Management LLC raised its position in SouthState Bank by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company's stock worth $175,653,000 after acquiring an additional 85,981 shares in the last quarter. Finally, Invesco Ltd. lifted its stake in SouthState Bank by 3.6% in the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company's stock valued at $155,068,000 after acquiring an additional 56,693 shares during the last quarter. Institutional investors own 89.76% of the company's stock.

SouthState Bank Price Performance

NYSE:SSB opened at $106.86 on Friday. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20. The company has a market cap of $10.36 billion, a P/E ratio of 11.24 and a beta of 0.71. The firm's fifty day moving average price is $103.35 and its two-hundred day moving average price is $99.05. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.94 and a quick ratio of 0.93.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. The company had revenue of $672.67 million during the quarter, compared to analysts' expectations 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 last year, the company posted $2.30 EPS. Equities analysts expect that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, August 7th were issued a $0.66 dividend. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.64 annualized dividend 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 currently 27.76%.

Insider Activity at SouthState Bank

In other news, CFO William E. V. Matthews sold 4,000 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the transaction, the chief financial officer owned 40,568 shares of the company's stock, valued at approximately $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David R. Brooks sold 24,650 shares of the stock in a transaction that occurred 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 transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. This trade represents a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 34,831 shares of company stock valued at $3,814,274 over the last 90 days. Company insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Barclays decreased their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a research report on Tuesday, July 7th. UBS Group downgraded shares of SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 target price for the company. in a research note on Tuesday, July 7th. Hovde Group lifted their price target on SouthState Bank from $110.00 to $112.00 and gave the stock an "outperform" rating in a report on Monday, April 27th. Citigroup boosted their price target on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Finally, DA Davidson restated a "buy" rating and issued a $125.00 price objective on shares of SouthState Bank in a research note on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, SouthState Bank currently has a consensus rating of "Buy" and a consensus target price of $119.64.

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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