SouthState Bank Corporation $SSB Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its SouthState Bank stake by 9.6% in the first quarter to 787,307 shares valued at approximately $72.8 million. Institutional investors collectively own 89.76% of the company.
• SouthState Bank reported quarterly EPS of $2.35, exceeding estimates by $0.04, and raised its quarterly dividend from $0.60 to $0.66 per share, implying a 2.4% annual yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $119.64, compared with the stock’s reported price of $108.21; however, one firm downgraded the shares to “sell.”

Bank of America Corp DE raised its position in SouthState Bank Corporation (NYSE:SSB - Free Report) by 9.6% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 787,307 shares of the company's stock after buying an additional 68,776 shares during the period. Bank of America Corp DE owned about 0.81% of SouthState Bank worth $72,842,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Jane Street Group LLC grew its position in shares of SouthState Bank by 4.6% during the 1st quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock valued at $7,703,000 after acquiring an additional 3,678 shares during the period. M&T Bank Corp acquired a new position in shares of SouthState Bank during the 2nd quarter worth approximately $245,000. Arrowstreet Capital Limited Partnership lifted its position in shares of SouthState Bank by 1,801.2% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock valued at $5,825,000 after buying an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in SouthState Bank by 31.0% in the 2nd 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 during the period. Finally, Jump Financial LLC acquired a new position in SouthState Bank during the second quarter worth $919,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SouthState Bank news, Director David R. Brooks sold 24,650 shares of the business's stock in a transaction 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 transaction, the director owned 7,900 shares of the company's stock, valued at approximately $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.70% of the company's stock.

SouthState Bank Stock Up 0.1%

Shares of NYSE SSB opened at $108.21 on Monday. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $110.46. The stock has a market cap of $10.49 billion, a PE ratio of 11.38 and a beta of 0.71. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06. The company has a 50-day moving average of $100.55 and a 200 day moving average of $98.43.

SouthState Bank (NYSE:SSB - Get Free Report) last issued 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 business 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 period in the previous year, the firm posted $2.30 EPS. As a group, sell-side analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

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

Analysts Set New Price Targets

SSB has been the subject of several research analyst reports. Barclays reduced their price target 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. Wall Street Zen cut SouthState Bank from a "hold" rating to a "sell" rating in a report on Saturday, July 25th. Truist Financial raised their target price on SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. DA Davidson reaffirmed a "buy" rating and issued a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. Finally, 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. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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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