SouthState Bank Corporation $SSB Shares Sold by Arrowstreet Capital Limited Partnership

Key Points

• Arrowstreet Capital cut its SouthState Bank stake by 64.5% in the first quarter, selling 47,320 shares and retaining 26,043 shares valued at approximately $2.4 million. Institutional investors and hedge funds collectively own 89.76% of the stock.
• SouthState Bank reported quarterly EPS of $2.35, exceeding analyst estimates of $2.31, while revenue of $672.67 million came in slightly below expectations. Shares opened at $109.29, near the company’s 52-week high.
• The bank raised its quarterly dividend from $0.60 to $0.66 per share, implying an annualized dividend of $2.64 and a 2.4% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $119.64.

Arrowstreet Capital Limited Partnership lessened its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 64.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,043 shares of the company's stock after selling 47,320 shares during the period. Arrowstreet Capital Limited Partnership's holdings in SouthState Bank were worth $2,409,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in SouthState Bank by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company's stock worth $1,029,315,000 after buying an additional 161,928 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of 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 during the period. Geode Capital Management LLC increased its stake in shares of 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 during the period. Invesco Ltd. raised its holdings in SouthState Bank by 3.6% during the fourth quarter. Invesco Ltd. now owns 1,647,727 shares of the company's stock worth $155,068,000 after purchasing an additional 56,693 shares in the last quarter. Finally, Franklin Resources Inc. raised its holdings in SouthState Bank by 1.0% during the fourth quarter. Franklin Resources Inc. now owns 1,623,728 shares of the company's stock worth $152,809,000 after purchasing an additional 15,787 shares in the last quarter. 89.76% of the stock is owned by institutional investors and hedge funds.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $109.29 on Wednesday. The stock has a market cap of $10.67 billion, a price-to-earnings ratio of 11.49 and a beta of 0.71. SouthState Bank Corporation has a 52 week low of $84.47 and a 52 week high of $109.80. The company's 50-day moving average price is $99.72 and its 200 day moving average price is $98.22. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.06.

SouthState Bank (NYSE:SSB - Get Free Report) last announced 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 in the previous year, the business posted $2.30 earnings per share. As a group, research analysts forecast that SouthState Bank Corporation will post 9.51 earnings per share for the current fiscal year.

SouthState Bank Increases Dividend

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

Wall Street Analyst Weigh In

Several research firms have issued reports on SSB. Citigroup boosted their target price on SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. TD Cowen raised their price target on SouthState Bank from $114.00 to $120.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. DA Davidson restated a "buy" rating and issued a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. UBS Group lowered SouthState Bank from a "buy" rating to a "neutral" rating and set a $108.00 price objective on the stock. in a report on Tuesday, July 7th. Finally, Barclays cut their price objective on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating for the company in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $119.64.

Insider Transactions at SouthState Bank

In other SouthState Bank news, Director David R. Brooks sold 6,181 shares of the stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $107.92, for a total transaction of $667,053.52. Following the sale, the director owned 1,762 shares in the company, valued at approximately $190,155.04. This represents a 77.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.70% of the company's stock.

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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