Capstone Investment Advisors LLC Takes Position in SouthState Bank Corporation $SSB

Capstone Investment Advisors LLC acquired a new position in SouthState Bank Corporation (NYSE:SSB) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 9,396 shares of the company’s stock, valued at approximately $939,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in SouthState Bank during the 2nd quarter valued at $981,557,000. Norges Bank purchased a new stake in shares of SouthState Bank during the fourth quarter valued at $125,940,000. Bank of New York Mellon Corp bought a new stake in SouthState Bank in the 2nd quarter worth about $130,419,000. AQR Capital Management LLC increased its holdings in SouthState Bank by 269.4% in the 3rd quarter. AQR Capital Management LLC now owns 1,219,079 shares of the company’s stock worth $120,530,000 after buying an additional 889,042 shares in the last quarter. Finally, The Manufacturers Life Insurance Company purchased a new position in SouthState Bank in the 2nd quarter worth about $85,467,000. 89.76% of the stock is owned by institutional investors.

Insider Activity at SouthState Bank

In related news, Director David R. 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 transaction 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 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 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 completion of the sale, the chief financial officer owned 40,568 shares in the company, valued at approximately $4,419,072.24. The trade was a 8.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 34,831 shares of company stock worth $3,814,274 in the last three months. 1.70% of the stock is owned by corporate insiders.

SouthState Bank Trading Down 0.3%

SouthState Bank stock opened at $106.09 on Friday. SouthState Bank Corporation has a 12-month low of $84.47 and a 12-month high of $112.20. The firm has a market capitalization of $10.29 billion, a price-to-earnings ratio of 11.16 and a beta of 0.71. The firm has a 50 day moving average of $104.12 and a 200 day moving average of $99.03. 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 (NYSE:SSB) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.31 by $0.04. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. The firm had revenue of $672.67 million for the quarter, compared to the consensus estimate of $676.83 million. During the same period last year, the firm earned $2.30 EPS. As a group, research analysts predict that SouthState Bank Corporation will post 9.51 earnings per share for the current year.

SouthState Bank Increases Dividend

The firm also recently announced 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. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. This represents a $2.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. SouthState Bank’s dividend payout ratio (DPR) is 27.76%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SSB. Fundamental Research set a $120.00 price target on shares of SouthState Bank in a report on Wednesday, July 1st. Stephens reissued an “overweight” rating and issued a $116.00 target price on shares of SouthState Bank in a report on Monday, July 27th. Truist Financial raised their target price on SouthState Bank from $108.00 to $118.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. TD Cowen upped their price target on shares of SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Piper Sandler raised their price objective on shares of SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. 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.com, the stock presently has an average rating of “Buy” and an average target price 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.