The Manufacturers Life Insurance Company Raises Stock Holdings in SouthState Bank Corporation $SSB

Key Points

• The Manufacturers Life Insurance Company increased its SouthState Bank stake by 4.3% in the first quarter, bringing its holdings to 850,763 shares valued at approximately $78.7 million. Institutional investors collectively own 89.76% of the company.
• SouthState Bank reported quarterly EPS of $2.35, exceeding estimates of $2.31, while revenue of $672.67 million fell slightly short of expectations. The bank also raised its quarterly dividend from $0.60 to $0.66 per share, implying a 2.5% yield.
• Analysts remain positive, with several firms raising price targets; the stock has a “Moderate Buy” consensus rating and an average target of $119.64, above its reported opening price of $105.67.

The Manufacturers Life Insurance Company raised its holdings in shares of SouthState Bank Corporation (NYSE:SSB - Free Report) by 4.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 850,763 shares of the company's stock after purchasing an additional 34,929 shares during the quarter. The Manufacturers Life Insurance Company owned 0.87% of SouthState Bank worth $78,713,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in SSB. Maverick Capital Ltd. purchased a new position in SouthState Bank during the first quarter worth $1,249,000. Quantinno Capital Management LP lifted its position in shares of SouthState Bank by 58.5% in the 1st quarter. Quantinno Capital Management LP now owns 98,477 shares of the company's stock worth $9,111,000 after purchasing an additional 36,351 shares during the period. Waverly Advisors LLC boosted its position in SouthState Bank by 3.8% during the first quarter. Waverly Advisors LLC now owns 19,485 shares of the company's stock valued at $1,803,000 after purchasing an additional 720 shares in the last quarter. Gabelli Funds LLC boosted its stake in SouthState Bank by 2.0% in the first quarter. Gabelli Funds LLC now owns 93,342 shares of the company's stock valued at $8,636,000 after acquiring an additional 1,848 shares in the last quarter. Finally, Gamco Investors INC. ET AL increased its holdings in shares of SouthState Bank by 0.3% during the first quarter. Gamco Investors INC. ET AL now owns 48,472 shares of the company's stock valued at $4,485,000 after acquiring an additional 161 shares in the last quarter. Hedge funds and other institutional investors own 89.76% of the company's stock.

SouthState Bank Price Performance

SSB stock opened at $105.67 on Thursday. The business has a fifty day moving average of $98.73 and a two-hundred day moving average of $97.95. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.11. The stock has a market cap of $10.32 billion, a price-to-earnings ratio of 11.11 and a beta of 0.70. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $108.46.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.31 by $0.04. The business had revenue of $672.67 million during the quarter, compared to analysts' expectations of $676.83 million. SouthState Bank had a return on equity of 10.67% and a net margin of 25.09%.During the same period in the prior year, the business posted $2.30 EPS. As a group, research analysts anticipate that SouthState Bank Corporation will post 9.52 earnings per share for the current year.

SouthState Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, August 7th will be paid a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a yield of 2.5%. This is a boost from SouthState Bank's previous quarterly dividend of $0.60. The ex-dividend date of this dividend is Friday, August 7th. SouthState Bank's payout ratio is 27.76%.

Analyst Ratings Changes

Several brokerages recently weighed in on SSB. Citigroup increased their price target on shares of SouthState Bank from $115.00 to $126.00 and gave the stock a "buy" rating in a report on Tuesday. Piper Sandler upped their price target on SouthState Bank from $120.00 to $125.00 and gave the stock an "overweight" rating in a report on Monday. Hovde Group boosted their price objective on SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Weiss Ratings upgraded shares of SouthState Bank from a "buy (b-)" rating to a "buy (b)" rating in a research report on Tuesday, July 14th. Finally, Truist Financial raised their price objective on SouthState Bank from $108.00 to $118.00 and gave the company a "buy" rating in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $119.64.

About SouthState Bank

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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