Y Intercept Hong Kong Ltd Purchases Shares of 52,936 SouthState Bank Corporation $SSB

Key Points

• Y Intercept Hong Kong Ltd disclosed a new first-quarter stake in SouthState Bank, buying 52,936 shares worth about $4.9 million. The firm now owns roughly 0.05% of the bank.
• Institutional ownership remains very high, with 89.76% of SouthState Bank shares held by hedge funds and other institutional investors. Several other firms also recently added to or initiated positions in the stock.
• SouthState Bank reported Q1 earnings of $2.28 per share, beating estimates, while analysts maintain a Buy consensus with an average price target of $118.71. The company also pays a quarterly dividend of $0.60 per share, or 2.4% annualized yield.

Y Intercept Hong Kong Ltd acquired a new stake in SouthState Bank Corporation (NYSE:SSB - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 52,936 shares of the company's stock, valued at approximately $4,898,000. Y Intercept Hong Kong Ltd owned 0.05% of SouthState Bank at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of SSB. Root Financial Partners LLC lifted its stake in SouthState Bank by 100.0% in the 1st quarter. Root Financial Partners LLC now owns 420 shares of the company's stock valued at $39,000 after purchasing an additional 210 shares during the last quarter. Measured Wealth Private Client Group LLC acquired a new position in SouthState Bank during the third quarter worth approximately $51,000. GHP Investment Advisors Inc. bought a new stake in SouthState Bank in the first quarter valued at approximately $52,000. Danske Bank A S acquired a new stake in shares of SouthState Bank in the third quarter valued at approximately $59,000. Finally, Harbour Investments Inc. acquired a new stake in shares of SouthState Bank in the fourth quarter valued at approximately $68,000. 89.76% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director David R. Brooks sold 14,300 shares of the company's stock in a transaction dated Tuesday, April 28th. The shares were sold at an average price of $98.39, for a total value of $1,406,977.00. Following the transaction, the director directly owned 12,700 shares in the company, valued at approximately $1,249,553. This represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.70% of the company's stock.

Wall Street Analysts Forecast Growth

SSB has been the topic of a number of recent analyst reports. Wall Street Zen raised SouthState Bank from a "sell" rating to a "hold" rating in a report on Sunday, May 17th. Barclays cut their price target on SouthState Bank from $126.00 to $123.00 and set an "overweight" rating for the company in a report on Monday, April 27th. Citigroup reduced their price objective on shares of SouthState Bank from $116.00 to $115.00 and set a "buy" rating for the company in a research report on Thursday, June 25th. Hovde Group increased their price objective on shares of SouthState Bank from $110.00 to $112.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Finally, Weiss Ratings cut shares of SouthState Bank from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, SouthState Bank currently has a consensus rating of "Buy" and an average price target of $118.71.

SouthState Bank Price Performance

Shares of NYSE SSB opened at $100.03 on Monday. The firm has a market cap of $9.77 billion, a P/E ratio of 10.79 and a beta of 0.70. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.04. SouthState Bank Corporation has a 1-year low of $84.47 and a 1-year high of $108.46. The business's 50 day moving average is $96.32 and its 200-day moving average is $97.19.

SouthState Bank (NYSE:SSB - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $2.28 earnings per share 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 business had revenue of $661.70 million during the quarter, compared to analysts' expectations of $669.28 million. During the same period last year, the firm posted $0.87 EPS. Equities research analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 8th were issued a dividend of $0.60 per share. The ex-dividend date of this dividend was Friday, May 8th. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.4%. SouthState Bank's dividend payout ratio (DPR) is currently 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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