SouthState Bank Corporation $SSB Shares Acquired by FJ Capital Management LLC

Key Points

• FJ Capital Management LLC boosted its SouthState Bank stake by 54% in the fourth quarter, bringing its holdings to 813,033 shares worth about $76.5 million. The bank is now the fund’s largest position and makes up about 8.5% of its portfolio.
• SouthState Bank reported quarterly EPS of $2.28, topping analysts’ estimate of $2.21, while revenue came in slightly below expectations at $661.7 million. Analysts still expect the company to earn about 9.5 EPS for the full year.
• The company paid a quarterly dividend of $0.60, or $2.40 annualized, for a yield of 2.4%. Meanwhile, analysts maintain a generally bullish view, with a consensus rating of Buy and an average price target of $118.62.

FJ Capital Management LLC increased its stake in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 54.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 813,033 shares of the company's stock after purchasing an additional 285,091 shares during the quarter. SouthState Bank makes up about 8.5% of FJ Capital Management LLC's portfolio, making the stock its largest holding. FJ Capital Management LLC owned about 0.81% of SouthState Bank worth $76,515,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Measured Wealth Private Client Group LLC acquired a new position in SouthState Bank during the 3rd quarter worth approximately $51,000. State of Wyoming increased its position in SouthState Bank by 356.0% during the 3rd quarter. State of Wyoming now owns 570 shares of the company's stock worth $56,000 after purchasing an additional 445 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in SouthState Bank during the 3rd quarter worth approximately $57,000. Danske Bank A S acquired a new position in SouthState Bank during the 3rd quarter worth approximately $59,000. Finally, Harbour Investments Inc. acquired a new position in SouthState Bank during the 4th quarter worth approximately $68,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

SouthState Bank Trading Up 1.3%

Shares of NYSE SSB opened at $98.75 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. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46. The firm has a 50 day moving average price of $95.81 and a two-hundred day moving average price of $96.41. The stock has a market cap of $9.65 billion, a P/E ratio of 10.65 and a beta of 0.70.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, beating analysts' consensus estimates of $2.21 by $0.07. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. The company had revenue of $661.70 million for the quarter, compared to analyst estimates of $669.29 million. During the same period in the prior year, the firm posted $0.87 EPS. As a group, equities analysts forecast that SouthState Bank Corporation will post 9.5 EPS for the current year.

SouthState Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank's dividend payout ratio is currently 25.89%.

Insider Activity at SouthState Bank

In other news, Director David R. Brooks sold 14,300 shares of the company's stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the sale, the director directly owned 12,700 shares of the company's stock, valued at approximately $1,249,553. This represents a 52.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 1.70% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently issued reports on SSB shares. DA Davidson reiterated a "buy" rating and set a $125.00 price objective on shares of SouthState Bank in a research report on Wednesday. TD Cowen lowered their price objective on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Truist Financial decreased their price target on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a research report on Monday, April 27th. Weiss Ratings cut shares of SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of SouthState Bank from a "sell" rating to a "hold" rating in a research report on Sunday, May 17th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $118.62.

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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