Hsbc Holdings PLC Invests $3.04 Million in SouthState Bank Corporation $SSB

Hsbc Holdings PLC bought a new stake in SouthState Bank Corporation (NYSE:SSB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 30,339 shares of the company’s stock, valued at approximately $3,039,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. FJ Capital Management LLC boosted its stake in shares of SouthState Bank by 54.0% in the 4th quarter. FJ Capital Management LLC now owns 813,033 shares of the company’s stock worth $76,515,000 after buying an additional 285,091 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new stake in SouthState Bank during the first quarter worth $4,898,000. Geode Capital Management LLC lifted its holdings in SouthState Bank by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 1,866,033 shares of the company’s stock worth $175,653,000 after acquiring an additional 85,981 shares during the period. NFJ Investment Group LLC purchased a new position in SouthState Bank in the fourth quarter worth $30,930,000. Finally, Northwestern Mutual Wealth Management Co. boosted its position in SouthState Bank by 350.8% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 22,315 shares of the company’s stock worth $2,100,000 after purchasing an additional 17,365 shares during the last quarter. 89.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SSB. TD Cowen raised their target price on SouthState Bank from $114.00 to $120.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. UBS Group lowered shares of SouthState Bank from a “buy” rating to a “neutral” rating and set a $108.00 price target for the company. in a research report on Tuesday, July 7th. JPMorgan Chase & Co. lifted their price objective on shares of SouthState Bank from $115.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 1st. DA Davidson reissued a “buy” rating and set a $125.00 target price on shares of SouthState Bank in a research report on Wednesday, June 10th. Finally, Citigroup lifted 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, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, SouthState Bank currently has an average rating of “Buy” and an average price target of $119.64.

SouthState Bank Trading Down 0.0%

Shares of SouthState Bank stock opened at $106.00 on Friday. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $112.20. The stock’s 50-day simple moving average is $104.31 and its 200 day simple moving average is $99.08. The stock has a market capitalization of $10.28 billion, a P/E ratio of 11.15 and a beta of 0.71. 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) last issued its 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 firm had revenue of $672.67 million during the quarter, compared to analyst estimates of $676.83 million. SouthState Bank had a net margin of 25.09% and a return on equity of 10.67%. During the same quarter last year, the business earned $2.30 earnings per share. As a group, research analysts anticipate that SouthState Bank Corporation will post 9.51 EPS for the current year.

SouthState Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, August 7th were paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Friday, August 7th. This is an increase from SouthState Bank’s previous quarterly dividend of $0.60. SouthState Bank’s dividend payout ratio is currently 27.76%.

Insider Activity at SouthState Bank

In related news, Director David R. Brooks sold 24,650 shares of the firm’s stock in a transaction that occurred 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO William E. V. Matthews sold 4,000 shares of SouthState Bank stock in a transaction that occurred 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 completion of the transaction, the chief financial officer owned 40,568 shares of the company’s stock, valued at $4,419,072.24. This represents a 8.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 34,831 shares of company stock valued at $3,814,274. 1.70% of the stock is owned by insiders.

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.