SouthState Bank Corporation $SSB Shares Sold by Capital Research Global Investors

Key Points

• Capital Research Global Investors cut its SouthState Bank position by 5.7% in the fourth quarter, selling 94,999 shares and leaving it with 1,576,502 shares worth about $148.4 million.
• SouthState Bank reported strong quarterly earnings of $2.28 per share, beating analyst estimates, while revenue came in slightly below expectations. The company also sees full-year EPS of 9.49.
• The bank paid a quarterly dividend of $0.60, or $2.40 annually, which implies a 2.5% yield and a payout ratio of 25.89%.

Capital Research Global Investors decreased its position in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 5.7% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,576,502 shares of the company's stock after selling 94,999 shares during the period. Capital Research Global Investors owned 1.57% of SouthState Bank worth $148,365,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of SSB. Vanguard Group Inc. raised its holdings in SouthState Bank by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 10,937,359 shares of the company's stock valued at $1,029,315,000 after acquiring an additional 161,928 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of SouthState Bank by 1.9% during the third quarter. Dimensional Fund Advisors LP now owns 4,666,617 shares of the company's stock worth $461,392,000 after purchasing an additional 84,812 shares during the last quarter. Geode Capital Management LLC boosted its holdings 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 purchasing an additional 85,981 shares during the last quarter. Invesco Ltd. grew its position in shares of SouthState Bank by 35.6% in the third quarter. Invesco Ltd. now owns 1,591,034 shares of the company's stock valued at $157,306,000 after purchasing an additional 418,031 shares during the period. Finally, Norges Bank purchased a new stake in shares of SouthState Bank in the fourth quarter valued at $125,940,000. Institutional investors and hedge funds own 89.76% of the company's stock.

SouthState Bank Stock Performance

NYSE SSB opened at $94.82 on Tuesday. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $108.46. The firm has a market capitalization of $9.26 billion, a P/E ratio of 10.23 and a beta of 0.70. The business's 50-day simple moving average is $95.36 and its 200-day simple moving average is $96.19.

SouthState Bank (NYSE:SSB - Get Free Report) last posted its earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.21 by $0.07. The firm had revenue of $661.70 million during the quarter, compared to the consensus estimate of $669.29 million. SouthState Bank had a net margin of 24.75% and a return on equity of 10.81%. During the same quarter in the prior year, the company earned $0.87 EPS. Equities analysts predict that SouthState Bank Corporation will post 9.49 EPS for the current year.

SouthState Bank Announces Dividend

The firm also recently announced 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 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank's dividend payout ratio (DPR) is currently 25.89%.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 14,300 shares of SouthState Bank stock in a transaction on Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the transaction, the director owned 12,700 shares in the company, valued at approximately $1,249,553. The trade was a 52.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SSB. JPMorgan Chase & Co. increased their target price on SouthState Bank from $110.00 to $115.00 and gave the stock an "overweight" rating in a research report on Thursday, May 21st. Weiss Ratings cut SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a report on Tuesday, May 26th. Hovde Group upped their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a research note on Monday, April 27th. TD Cowen decreased their target price on shares of SouthState Bank from $117.00 to $114.00 and set a "buy" rating on the stock in a research report on Monday, April 27th. Finally, Truist Financial lowered their target price on shares of SouthState Bank from $110.00 to $108.00 and set a "buy" rating for the company in a report on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $118.62.

SouthState Bank Company 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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