SouthState Bank Corporation $SSB Stake Raised by Algebris UK Ltd.

Key Points

• Algebris UK Ltd. sharply increased its stake in SouthState Bank, raising holdings by 199.4% in the fourth quarter to 522,594 shares, worth about $49.2 million. The firm now counts SSB as its 8th-largest holding.
• SouthState Bank posted better-than-expected earnings for the latest quarter, reporting $2.28 EPS versus the $2.21 consensus estimate. Revenue came in slightly below expectations at $661.7 million, while analysts still expect full-year EPS of 9.46.
• Analysts remain mostly bullish on the stock, with a consensus rating of “Buy” and a price target of $118.23. The company also recently paid a quarterly dividend of $0.60 per share, equal to a 2.5% annualized yield.

Algebris UK Ltd. raised its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 199.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 522,594 shares of the company's stock after purchasing an additional 348,022 shares during the quarter. SouthState Bank accounts for 2.3% of Algebris UK Ltd.'s holdings, making the stock its 8th largest holding. Algebris UK Ltd. owned 0.52% of SouthState Bank worth $49,204,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nicholas Hoffman & Company LLC. raised its position in SouthState Bank by 0.7% in the fourth quarter. Nicholas Hoffman & Company LLC. now owns 16,527 shares of the company's stock valued at $1,555,000 after purchasing an additional 111 shares during the period. B. Riley Wealth Advisors Inc. raised its holdings in shares of SouthState Bank by 4.9% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 2,480 shares of the company's stock valued at $245,000 after buying an additional 115 shares during the period. Independent Advisor Alliance raised its holdings in shares of SouthState Bank by 0.5% in the 3rd quarter. Independent Advisor Alliance now owns 28,291 shares of the company's stock valued at $2,797,000 after buying an additional 150 shares during the period. Keybank National Association OH raised its holdings in shares of SouthState Bank by 2.7% in the 3rd quarter. Keybank National Association OH now owns 5,690 shares of the company's stock valued at $563,000 after buying an additional 150 shares during the period. Finally, First Horizon Corp raised its holdings in shares of SouthState Bank by 27.8% in the 4th quarter. First Horizon Corp now owns 813 shares of the company's stock valued at $77,000 after buying an additional 177 shares during the period. Hedge funds and other institutional investors own 89.76% of the company's stock.

Insider Buying and Selling

In related news, Director David R. Brooks sold 14,300 shares of the business's stock in a transaction on Tuesday, April 28th. The stock was sold at an average price of $98.39, for a total transaction of $1,406,977.00. Following the completion of the transaction, the director directly owned 12,700 shares of the company's stock, valued at $1,249,553. The trade was a 52.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SSB. Wall Street Zen upgraded SouthState Bank from a "sell" rating to a "hold" rating in a report on Sunday. JPMorgan Chase & Co. cut their price objective on SouthState Bank from $120.00 to $110.00 and set an "overweight" rating on the stock in a report on Wednesday, April 1st. DA Davidson boosted their price objective on SouthState Bank from $119.00 to $125.00 and gave the company a "buy" rating in a report on Thursday, February 5th. Weiss Ratings upgraded SouthState Bank from a "hold (c+)" rating to a "buy (b-)" rating in a report on Monday, January 26th. Finally, TD Cowen cut their price objective on SouthState Bank from $117.00 to $114.00 and set a "buy" rating on the stock in a report on Monday, April 27th. 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 stock. Based on data from MarketBeat.com, SouthState Bank currently has a consensus rating of "Buy" and a consensus price target of $118.23.

SouthState Bank Trading Up 2.7%

SSB opened at $94.56 on Thursday. SouthState Bank Corporation has a 12 month low of $84.47 and a 12 month high of $108.46. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 10.20 and a beta of 0.72. The company has a debt-to-equity ratio of 0.04, a current ratio of 0.93 and a quick ratio of 0.92. The business has a fifty day moving average price of $94.43 and a 200 day moving average price of $95.61.

SouthState Bank (NYSE:SSB - Get Free Report) last released its earnings results on Thursday, April 23rd. The company reported $2.28 EPS for the quarter, topping the consensus estimate of $2.21 by $0.07. SouthState Bank had a return on equity of 10.81% and a net margin of 24.75%.The firm had revenue of $661.70 million during the quarter, compared to analysts' expectations of $669.29 million. During the same period in the previous year, the firm posted $0.87 EPS. Sell-side analysts expect that SouthState Bank Corporation will post 9.46 earnings per share for the current fiscal year.

SouthState Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Friday, May 8th were paid a dividend of $0.60 per share. This represents a $2.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend was Friday, May 8th. SouthState Bank's payout ratio is presently 25.89%.

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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