State Street Corp Increases Stock Holdings in SouthState Bank Corporation $SSB

Key Points

• State Street increased its SouthState Bank stake by 3.3% in the second quarter, bringing its holdings to 3.86 million shares valued at approximately $385.4 million. Institutional investors collectively own 89.76% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and an average price target of $119.08, although UBS downgraded the stock to neutral and Barclays lowered its target.
• SouthState Bank exceeded quarterly EPS expectations, reporting $2.35 versus the $2.31 consensus estimate, and raised its quarterly dividend to $0.66 per share. Meanwhile, insiders sold 34,831 shares worth about $3.8 million over the past three months.

State Street Corp boosted its stake in SouthState Bank Corporation (NYSE:SSB - Free Report) by 3.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,858,127 shares of the company's stock after acquiring an additional 123,549 shares during the quarter. State Street Corp owned about 3.98% of SouthState Bank worth $385,427,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SSB. The Manufacturers Life Insurance Company increased its stake in SouthState Bank by 0.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 855,527 shares of the company's stock worth $85,467,000 after buying an additional 4,764 shares during the period. Sequoia Financial Advisors LLC boosted its position in SouthState Bank by 6.6% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 7,180 shares of the company's stock valued at $717,000 after buying an additional 444 shares during the last quarter. Tidal Investments LLC purchased a new position in SouthState Bank in the 2nd quarter valued at about $591,000. Engineers Gate Manager LP acquired a new stake in shares of SouthState Bank during the second quarter valued at about $208,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of SouthState Bank during the second quarter valued at about $125,000. Hedge funds and other institutional investors own 89.76% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SSB. Weiss Ratings upgraded SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday, July 14th. Citigroup raised their price objective on SouthState Bank from $115.00 to $126.00 and gave the company a "buy" rating in a research note on Tuesday, July 28th. Fundamental Research set a $120.00 price objective on SouthState Bank in a report on Wednesday, July 1st. 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. Finally, Barclays cut their target price on SouthState Bank from $123.00 to $118.00 and set an "overweight" rating on the stock 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 one has given a Hold rating to the company's stock. According to data from MarketBeat, SouthState Bank has an average rating of "Buy" and a consensus target price of $119.08.

Insider Activity at SouthState Bank

In other SouthState Bank news, Director David Brooks sold 24,650 shares of SouthState Bank 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 owned 7,900 shares of the company's stock, valued at $869,000. The trade was a 75.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO William E. V. Matthews sold 4,000 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $108.93, for a total transaction of $435,720.00. Following the sale, the chief financial officer owned 40,568 shares of the company's stock, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 34,831 shares of company stock worth $3,814,274. Corporate insiders own 1.70% of the company's stock.

SouthState Bank Stock Down 0.7%

NYSE:SSB opened at $101.70 on Thursday. The company has a market capitalization of $9.86 billion, a price-to-earnings ratio of 10.69 and a beta of 0.72. SouthState Bank Corporation has a one year low of $84.47 and a one year high of $112.20. The stock has a 50-day simple moving average of $106.19 and a 200 day simple moving average of $99.42. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94.

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 (EPS) 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 firm had revenue of $672.67 million for the quarter, compared to analysts' expectations of $676.83 million. During the same quarter in the prior year, the firm posted $2.30 earnings per share. Sell-side analysts predict that SouthState Bank Corporation will post 9.47 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were given a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, August 7th. This represents a $2.64 annualized dividend and a dividend yield of 2.6%. This is an increase from SouthState Bank's previous quarterly dividend of $0.60. SouthState Bank's dividend payout ratio is currently 27.76%.

SouthState Bank Company 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.

Want to see what other hedge funds are holding SSB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SouthState Bank Corporation (NYSE:SSB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.