SouthState Bank Corporation $SSB Stock: Leeward Investments LLC MA Raises Position

Key Points

• Leeward Investments increased its SouthState Bank position by 22.5% in the third quarter, bringing its holdings to 134,475 shares valued at approximately $13.4 million. Institutional investors collectively own 89.76% of the company.
• SouthState reported quarterly EPS of $2.30, missing the $2.40 consensus estimate, while revenue of $685.4 million also came in below expectations. Shares opened at $105.73, near their 52-week high of $112.20.
• The bank declared a quarterly dividend of $0.66 per share, representing a 2.5% yield. Analysts maintain a consensus “Buy” rating with an average price target of $118.54, although insiders sold roughly $3.8 million of stock over the past 90 days.

Leeward Investments LLC MA raised its holdings in SouthState Bank Corporation (NYSE:SSB - Free Report) by 22.5% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 134,475 shares of the company's stock after acquiring an additional 24,716 shares during the quarter. Leeward Investments LLC MA owned about 0.14% of SouthState Bank worth $13,388,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Signaturefd LLC boosted its position in SouthState Bank by 11.1% during the third quarter. Signaturefd LLC now owns 10,127 shares of the company's stock worth $1,008,000 after purchasing an additional 1,008 shares during the period. Citizens Financial Group Inc. RI increased its stake in SouthState Bank by 248.7% during the third quarter. Citizens Financial Group Inc. RI now owns 10,273 shares of the company's stock valued at $1,023,000 after acquiring an additional 7,327 shares during the period. Fifth Third Wealth Advisors LLC increased its position in shares of SouthState Bank by 0.5% during the third quarter. Fifth Third Wealth Advisors LLC now owns 38,522 shares of the company's stock valued at $3,835,000 after purchasing an additional 210 shares during the period. James Investment Research Inc. raised its stake in shares of SouthState Bank by 8.0% in the 3rd quarter. James Investment Research Inc. now owns 7,385 shares of the company's stock valued at $735,000 after buying an additional 550 shares in the last quarter. Finally, MBL Wealth LLC acquired a new stake in shares of SouthState Bank during the 3rd quarter valued at about $577,000. Institutional investors own 89.76% of the company's stock.

SouthState Bank Stock Up 0.2%

SSB opened at $105.73 on Monday. The firm has a market cap of $10.25 billion, a price-to-earnings ratio of 11.26 and a beta of 0.78. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.95 and a current ratio of 0.95. The firm's 50-day simple moving average is $103.94 and its 200-day simple moving average is $100.93. SouthState Bank Corporation has a twelve month low of $84.47 and a twelve month high of $112.20.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings results on Wednesday, October 21st. The company reported $2.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.40 by ($0.10). The firm had revenue of $685.43 million for the quarter, compared to the consensus estimate of $691.13 million. SouthState Bank had a net margin of 24.63% and a return on equity of 10.23%. During the same period in the prior year, the business earned $2.58 earnings per share. Equities research analysts anticipate that SouthState Bank Corporation will post 9.44 EPS for the current fiscal year.

SouthState Bank Dividend Announcement

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

Insider Activity at SouthState Bank

In other news, Director David Brooks sold 24,650 shares of SouthState Bank stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the transaction, the director owned 7,900 shares in the company, valued at approximately $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO William E. V. Matthews sold 4,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. The trade was a 8.98% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 34,831 shares of company stock valued at $3,814,274. Company insiders own 1.70% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on SSB shares. Stephens reissued an "overweight" rating and issued a $116.00 price target on shares of SouthState Bank in a research report on Monday, July 27th. UBS Group downgraded 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. TD Cowen lowered their price objective on SouthState Bank from $120.00 to $116.00 and set a "buy" rating on the stock in a research note on Monday, October 5th. JPMorgan Chase & Co. lowered their price objective on SouthState Bank from $125.00 to $120.00 and set an "overweight" rating on the stock in a research note on Thursday, October 1st. Finally, Barclays increased their target price on SouthState Bank from $118.00 to $120.00 and gave the stock an "overweight" rating in a report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $118.54.

SouthState Bank Profile

SouthState Bank is a regional banking institution and the principal banking subsidiary of SouthState Corporation NYSE: SSB. The bank provides financial services to individuals, families, businesses and institutions, including checking and savings accounts, certificates of deposit, consumer and commercial loans, residential mortgages, credit cards and online and mobile banking.

SouthState also offers business banking and treasury-management services, commercial real estate lending, equipment financing, wealth management and investment services.

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