Man Group plc Invests $2.07 Million in SouthState Bank Corporation $SSB

Man Group plc acquired a new stake in shares of SouthState Bank Corporation (NYSE:SSB) during the second quarter, according to its most recent filing with the SEC. The fund acquired 20,715 shares of the company’s stock, valued at approximately $2,069,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in SouthState Bank during the 2nd quarter valued at about $28,000. Root Financial Partners LLC grew its stake in SouthState Bank by 100.0% during the first quarter. Root Financial Partners LLC now owns 420 shares of the company’s stock valued at $39,000 after acquiring an additional 210 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in SouthState Bank during the 2nd quarter worth approximately $50,000. Measured Wealth Private Client Group LLC bought a new stake in SouthState Bank during the 3rd quarter worth approximately $51,000. Finally, GHP Investment Advisors Inc. purchased a new stake in SouthState Bank in the 1st quarter worth approximately $52,000. Hedge funds and other institutional investors own 89.76% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SSB. JPMorgan Chase & Co. boosted their price target on shares of SouthState Bank from $115.00 to $120.00 and gave the company an “overweight” rating in a research report on Wednesday, July 1st. Weiss Ratings raised SouthState Bank from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, July 14th. TD Cowen boosted their target price on SouthState Bank from $114.00 to $120.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Piper Sandler upped their target price on SouthState Bank from $120.00 to $125.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Finally, Barclays lowered their price target on SouthState Bank from $123.00 to $118.00 and set an “overweight” rating on the stock in a report on Tuesday, July 7th. One investment 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $119.64.

SouthState Bank Stock Performance

NYSE SSB opened at $103.96 on Wednesday. SouthState Bank Corporation has a 52-week low of $84.47 and a 52-week high of $112.20. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market capitalization of $10.08 billion, a P/E ratio of 10.93 and a beta of 0.72. The company has a fifty day moving average of $104.56 and a 200-day moving average of $99.02.

SouthState Bank (NYSE:SSB) last announced its earnings results on Thursday, July 23rd. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.04. The company 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 period in the previous year, the business earned $2.30 earnings per share. As a group, equities research analysts predict that SouthState Bank Corporation will post 9.51 EPS for the current fiscal year.

SouthState Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, August 7th were issued a $0.66 dividend. 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 (DPR) is currently 27.76%.

Insider Transactions at SouthState Bank

In related news, CFO William E. V. Matthews sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $108.93, for a total value of $435,720.00. Following the completion of the sale, the chief financial officer owned 40,568 shares in the company, valued at $4,419,072.24. The trade was a 8.98% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David R. Brooks sold 24,650 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $110.00, for a total value of $2,711,500.00. Following the completion of the sale, the director directly owned 7,900 shares of the company’s stock, valued at approximately $869,000. This represents a 75.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 34,831 shares of company stock valued at $3,814,274 over the last quarter. Company insiders own 1.70% of the company’s stock.

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.