Squarepoint Ops LLC Takes $2.84 Million Position in SouthState Bank Corporation $SSB

Key Points

• Squarepoint Ops LLC initiated a $2.84 million position in SouthState Bank during the second quarter, purchasing 28,407 shares. Institutional investors and hedge funds collectively own 89.76% of the company.
• Analysts remain broadly positive, with a consensus “Buy” rating and an average price target of $119.64, compared with the reported share price of $105.93.
• SouthState Bank exceeded quarterly EPS expectations, reporting $2.35 versus a $2.31 consensus estimate, and increased its quarterly dividend from $0.60 to $0.66 per share. However, company insiders sold 34,831 shares worth approximately $3.81 million over the past three months.

Squarepoint Ops LLC purchased a new position in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 28,407 shares of the company's stock, valued at approximately $2,838,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jane Street Group LLC grew its holdings in shares of SouthState Bank by 4.6% during the first quarter. Jane Street Group LLC now owns 82,984 shares of the company's stock worth $7,703,000 after purchasing an additional 3,678 shares during the last quarter. M&T Bank Corp bought a new stake in SouthState Bank during the 2nd quarter worth about $245,000. Arrowstreet Capital Limited Partnership increased its position in SouthState Bank by 1,801.2% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 63,291 shares of the company's stock valued at $5,825,000 after acquiring an additional 59,962 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in SouthState Bank by 31.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,910 shares of the company's stock valued at $176,000 after acquiring an additional 452 shares in the last quarter. Finally, Jump Financial LLC bought a new position in shares of SouthState Bank in the second quarter worth about $919,000. 89.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity at SouthState Bank

In related news, Director David Brooks sold 24,650 shares of the firm's stock in a transaction 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 directly owned 7,900 shares of the company's stock, valued at approximately $869,000. This trade represents a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO William E. V. Matthews sold 4,000 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer directly owned 40,568 shares in the company, valued at $4,419,072.24. This trade represents a 8.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on SSB. Truist Financial lifted their price objective on SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a report on Tuesday, July 28th. Stephens restated an "overweight" rating and set a $116.00 target price on shares of SouthState Bank in a report on Monday, July 27th. DA Davidson reaffirmed a "buy" rating and issued a $125.00 price target on shares of SouthState Bank in a research note on Wednesday, June 10th. JPMorgan Chase & Co. upped their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company an "overweight" rating in a report on Wednesday, July 1st. Finally, Barclays dropped their price objective on shares of SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock in a report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $119.64.

SouthState Bank Stock Down 0.0%

Shares of SSB stock opened at $105.93 on Monday. The firm's fifty day moving average price is $105.57 and its two-hundred day moving average price is $99.20. 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 Corporation has a 1 year low of $84.47 and a 1 year high of $112.20. The firm has a market capitalization of $10.27 billion, a P/E ratio of 11.14 and a beta of 0.72.

SouthState Bank (NYSE:SSB - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.The company had revenue of $672.67 million during the quarter, compared to analysts' expectations of $676.83 million. During the same quarter last year, the company earned $2.30 EPS. On average, equities analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 7th. This is a boost from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's payout ratio is currently 27.76%.

SouthState Bank Profile

SouthState Bank is the principal banking subsidiary of SouthState Corporation NYSE: SSB, a regional financial institution headquartered in Winter Haven, Florida. The bank provides banking and financial services to individuals, families, businesses and institutions through a network of branches and digital banking channels.

Its offerings include checking and savings accounts, consumer and commercial lending, mortgages, credit cards, treasury management, cash management and online and mobile banking.

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