SouthState Bank Corporation $SSB Shares Newly Bought by Vise Technologies Inc.

Key Points

• Vise Technologies bought a new SouthState Bank stake of 11,037 shares, valued at approximately $1.1 million, during the third quarter.
• Institutional investors own 89.76% of the stock; several large firms, including BlackRock, also established new positions.
• SouthState Bank missed quarterly earnings and revenue estimates, reporting EPS of $2.30 versus $2.40 expected. It declared a $0.66 quarterly dividend, and analysts’ consensus rating is Buy.

Vise Technologies Inc. purchased a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 11,037 shares of the company's stock, valued at approximately $1,099,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of SouthState Bank during the 2nd quarter worth approximately $981,557,000. Bank of New York Mellon Corp purchased a new stake in SouthState Bank in the second quarter valued at approximately $130,419,000. The Manufacturers Life Insurance Company purchased a new stake in SouthState Bank in the second quarter valued at approximately $85,467,000. Bank of America Corp DE purchased a new stake in SouthState Bank in the second quarter valued at approximately $59,792,000. Finally, Algebris UK Ltd. acquired a new position in SouthState Bank during the second quarter worth $57,293,000. 89.76% of the stock is owned by hedge funds and other institutional investors.

SouthState Bank Price Performance

Shares of SSB opened at $104.19 on Monday. SouthState Bank Corporation has a fifty-two week low of $84.47 and a fifty-two week high of $112.20. The firm's 50 day moving average price is $103.56 and its 200 day moving average price is $100.44. The company has a market cap of $10.07 billion, a P/E ratio of 11.10 and a beta of 0.77. The company has a quick ratio of 0.94, a current ratio of 0.95 and a debt-to-equity ratio of 0.06.

SouthState Bank (NYSE:SSB - Get Free Report) last issued its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 EPS for the quarter, missing the consensus estimate of $2.40 by ($0.10). SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. The business had revenue of $685.43 million during the quarter, compared to analysts' expectations of $691.13 million. During the same period in the prior year, the business earned $2.58 EPS. On average, research analysts forecast that SouthState Bank Corporation will post 9.35 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, November 6th will be given a dividend of $0.66 per share. The ex-dividend date of this dividend is Friday, November 6th. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. SouthState Bank's dividend payout ratio is currently 28.12%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SSB shares. JPMorgan Chase & Co. lowered their price target on SouthState Bank from $125.00 to $120.00 and set an "overweight" rating for the company in a research report on Thursday, October 1st. Barclays boosted their price objective on SouthState Bank from $120.00 to $128.00 and gave the company an "overweight" rating in a report on Tuesday, November 3rd. Stephens increased their target price on SouthState Bank from $116.00 to $119.00 and gave the stock an "overweight" rating in a research note on Monday, October 26th. Citigroup lowered their target price on SouthState Bank from $126.00 to $124.00 and set a "buy" rating for the company in a report on Monday, October 26th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of SouthState Bank in a report on Monday, October 12th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $119.62.

Insider Activity

In other news, CFO William E. V. Matthews sold 4,000 shares of the stock in a transaction 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 sale, the chief financial officer directly owned 40,568 shares in the company, valued at approximately $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.70% of the company's stock.

SouthState Bank Company Profile

SouthState Bank is a regional bank and subsidiary of SouthState Corporation, a financial services company. It provides personal and business banking services, including deposit accounts, loans, mortgage lending, treasury management and wealth management.

The bank traces its history to 1934, when the First National Bank of Orangeburg opened in South Carolina. Its footprint is centered in the southeastern United States, with operations extending into Texas and Colorado following SouthState Corporation's combination with Independent Bank Group.

SouthState serves individuals, businesses and institutions through branches, digital banking and other financial services.

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